Court orders banks, fintechs to freeze 69 accounts over alleged N1.39 billion eTranzact fraud
The Federal High Court in Abuja on Monday ordered 12 commercial banks and six fintech platforms to freeze (place on post-no-debit) about 69 accounts following alleged fraudulent and unauthorised credit transactions on the eTranzact International Plc ecosystem. The post Court orders banks, fintechs to freeze 69 accounts over alleged N1.39 billion eTranzact fraud appeared first on Nairametrics .
The Federal High Court in Abuja has ordered 12 commercial banks and six fintech platforms to freeze approximately 69 accounts due to alleged fraudulent and unauthorized credit transactions on the eTranzact International Plc system. Justice Joyce Abdulmalik issued the order following an ex parte motion filed by the legal representative of the Inspector-General of Police, Victor I. Okoye.
The alleged fraud involves database penetration and manipulation of eTranzact's internet banking platform, resulting in fraudulent credits to beneficiary accounts in other banks. The court was presented with evidence indicating unauthorized interbank credit transactions processed between July and August 2026. The IGP has hinted at the possible prosecution of those involved in the fraud. eTranzact International Plc had reported a decline in profits for 2025, but the legal development adds to a growing list of post-no-debit litigation involving the police force.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
