Court Freezes Accounts Tied to N1.34 Billion Access Bank Transfers Across 72 Institutions
Updated
Updated · Proshare · Aug 18
Court Freezes Accounts Tied to N1.34 Billion Access Bank Transfers Across 72 Institutions
3 articles · Updated · Proshare · Aug 18
Summary
A court ordered banks to freeze accounts linked to N1,340,425,393 moved without authorization from Access Bank customer accounts, pending determination of the case.
Access Bank said it detected the transfers on August 12 and traced them to its Access SME internet banking application, through which the funds were routed.
The bank told the court the money flowed into accounts held within Access Bank and at 71 other financial institutions, widening the scope of the freeze order.
The case adds to scrutiny of Nigeria’s banking and digital-payments controls as internet subscriptions reached 157.4 million in May, extending the country’s online-finance footprint.