Justice Deinde Dipeolu of the Federal High Court in Lagos has ordered 54 banks to immediately return a total of N9,329,322,870 fraudulently transferred by hackers from an unnamed old generation bank.
The judgment, delivered on April 15, 2025, follows an ex parte motion filed in suit number FHC/L/CS/629/2025.
The court directed the financial institutions to place a Post No Debit restriction on all accounts that received the stolen funds and to begin the immediate return of all available funds to the originating bank.
The plaintiff bank reported that on March 23, 2025, a breach in its core banking system resulted in unauthorised debits from multiple customer accounts.
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