Court Orders Access Bank to Pay N16m for Unlawful Account Freezes
On June 1, 2026, a Federal High Court in Ikoyi ruled that Access Bank illegally imposed post-no-debit restrictions on several customer accounts without proper legal authority. The bank was ordered to pay a total of N16 million in damages and immediately lift all restrictions. Justice Chukwujekwu Joseph Aneke found that two customers had no involvement in cryptocurrency trading in Nigeria and that their accounts were wrongly frozen. He awarded N5 million in damages to the second plaintiff and ordered the removal of restrictions on her account. The judge also highlighted a case where a fourth customer received a mistaken fund transfer. Despite a reversal order from a customary court, Access Bank froze his account without a valid court order. He was awarded N10 million and costs, and the freeze was to be lifted without delay. The judgment underscores that banks must strictly follow legal procedures when restricting accounts. They cannot indefinitely freeze customer funds without a valid court order or evidence of wrongdoing.
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