The Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of the sum of N1,292,798,746.81, stolen by some individuals from Sterling Bank Plc due to a system glitch, to the Federal Government of Nigeria in favour of the financial institution.

Justice D.I. Dipeolu passed the verdict, according to a statement by the Economic and Financial Crimes Commission (EFCC) on Saturday.

The money was said to have been criminally withdrawn by some individuals owing to a system glitch experienced by Sterling Bank Plc.

“The sums sought to be forfeited were domiciled in M Sharif Inter-Trading and Marketing Company Ltd.’s UBA account (N900,000,000); Mustapha Abubakar’s UBA account (N255,872,842.84); Mustapha Sharif Abubakar’s UBA account (N12,195,093); Mustapha Sharif Abubakar’s Jaiz Bank (N41,119,917.13); Abubakar Mustapha Sharif’s First Bank account (N19,069,567.73); and Mustapha Sharif Abubakar’s Sterling Imal (the alternative bank account) (N30,850,158.12),” the statement partly reads.

A related development occurred in 2024 when a Federal High Court, Abuja, granted an interim freezing order against several accounts in FairMoney Microfinance Bank Ltd, PalmPay Limited, and Opay Digital Services Limited, mandating the organizations to reverse N139,630,000 credited to some of their customers and account holders as a result of a “system glitch” at TAJ Bank Ltd.

The order was made following a motion ex parte filed by TAJ Bank Ltd and six of its customers on July 23, 2024, in suit number FHC/ABJ/CS/1018/2024 against the three organizations.

The Nigerian Interbank Settlement System Plc was listed as the fourth respondent.

A consultant advises that by adopting safer banking habits, strengthening institutional security frameworks, and fostering stronger collaboration among stakeholders, financial institutions can minimize risks while continuing to enjoy the benefits of a secure and efficient digital financial system.

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