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.
Plus234Feed summary based on reporting from News Online Nigeria. Read the original report below.
Read full article
Continue on News Online Nigeria
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Lotus Bank Security Breach: Investors Panic as Millions Drained
Nigerian Banks Report N3.3 Billion Fraud Loss in Q1 2025
Access Holdings Faces ₦1.64 Billion Fraud Loss, Profits Plunge, Raising Internal Control Concerns
Access Bank Reports Surge in Fraud Cases, Faces $2.25 Billion in Attempted Fraud
Nigerian Bank Robbed of Over 10 Billion in Cyber Heist
Nigeria's Banking Sector Faces Seismic Shift with New Fraud Refund Rule
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
