To tackle one of the largest bank frauds in recent times, the Federal High Court in Lagos has ordered 54 Nigerian banks to return over N9.3 billion that was illegally withdrawn from a singular account by hackers.
The stolen money, which was fraudulently transferred from an old generation bank, found its way into several accounts across these banks after a serious cyberattack on March 23, 2025.
Justice Deinde Dipeolu, who gave the ruling on April 15, 2025, said the banks must stop all transactions on the affected accounts and start sending back any of the stolen money still available. He also said the banks must provide full details of who received the money and where it was sent.
The court order followed a case filed by the affected bank, identified in legal documents only as the “plaintiff bank.” According to the court documents, the hackers broke into the bank’s core system and made unauthorized transfers from several customer accounts.
But the twist in the tale is not just the scale of the theft, but how quickly and smartly the hackers spread the money. Investigations show that the funds were moved in different stages: from main accounts to other accounts held by new sets of people, making the trail harder to follow.
Justice Dipeolu stressed that banks must hand over every kobo they can still trace from the fraud. He also ordered that the personal information of all those connected to the fraud must be shared with the court and investigators.
He clarified that this court order is only about recovering stolen funds. It does not affect other customers’ money in the same banks.
“For clarity,” the judge said, “this order is only in respect of funds erroneously transferred and sums salvaged.”
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