Lotus Bank Loses ₦1.13 Billion in Lawsuit Against 45 Nigerian Banks Over System Glitch

Lotus Bank filed a lawsuit against 45 Nigerian banks at the Federal High Court in Lagos following a massive loss of ₦1.13 billion due to a system glitch in July 2024. The glitch allowed unauthorized withdrawals and transfers, leading to significant financial losses.

The bank alleges that customers took advantage of the technical failure to move money across various financial institutions. Lotus Bank seeks legal intervention to recover the funds and has requested the court to determine if the Central Bank of Nigeria guidelines require placing a lien on accounts to reverse the wrongful transfers.

The case has been adjourned until December 2025 for further proceedings.