A Federal High Court in Lagos has ordered 54 Nigerian banks to refund over N9.3 billion that was stolen by hackers from a customer account in an old-generation bank.
Justice Deinde Dipeolu issued the order on April 15, 2025, after an ex parte application was filed by the affected bank. The court directed the banks to immediately block the accounts that received the stolen money and return the funds.
According to the bank, the hacking incident happened on March 23, 2025, when cybercriminals breached its core banking system and transferred the funds into several accounts across 54 banks.
After noticing the fraudulent transactions, the bank reported that it quickly notified the financial institutions involved and began to track the movement of the stolen money. Investigations showed that the funds were split and moved in multiple transactions into primary accounts, before being redirected to secondary and tertiary accounts.
Justice Dipeolu ruled that all the banks involved must provide the full details of the accounts that received the money, including account balances, customer information, and details of subsequent transfers. The judge also ordered that all funds that can be recovered should be returned to the plaintiff bank.
The court clarified that the ruling applies only to the specific stolen funds, stating: “For the avoidance of doubt, this order is only in respect of funds erroneously transferred and sums salvaged. It does not affect other customer deposits.”
The judge emphasized that the stolen money “belongs to the plaintiff and not the customers of the respondent banks,” making it clear that the banks must ensure the full recovery of the funds.
