A recent incident in Nigeria involved a court freezing multiple bank accounts due to a system malfunction at a bank that led to inflated account balances and unauthorized withdrawals totaling ₦5.7 billion. The Federal High Court in Lagos ordered the freezing of accounts at various banks until further hearings. An investigation revealed that technical glitches had artificially increased balances in multiple accounts, allowing unauthorized withdrawals. The funds were then transferred through several accounts to different recipients. The incident has raised concerns about the security of interbank settlements in Nigerian banks amidst increasing transaction volumes. While some argue that such errors are rare and represent a small portion of total transactions, others point to outdated infrastructure and weak oversight as potential factors contributing to such incidents.
Court freezes bank accounts over ₦5.7 billion Keystone Bank transfer glitch
