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Banking Shockwave: Lotus Bank Battles 45 Banks In Court Over ₦1.1bn Glitch Theft.
Lotus Bank Limited has filed a lawsuit before the Federal High Court in Ikoyi, Lagos, seeking to recover over ₦1.1 billion allegedly withdrawn fraudulently by hundreds of its customers following a major system glitch in July 2024.....KINDLY READ THE FULL STORY HERE▶
According to Nivo News, the financial institution claimed that 718 customers unlawfully withdrew and transferred funds far beyond their actual account balances after the bank’s electronic payment platform malfunctioned on July 20, 2024. The bank said the glitch resulted from a rollback fix on its E-Bills Pay platform, which temporarily disabled its automatic debit processes.
In the suit filed before Justice Daniel Osiagor, Lotus Bank accused 45 commercial banks of holding the proceeds of the fraudulent transactions and asked the court to compel them to place restrictions on the affected accounts pending full recovery of the funds.
The motion, brought under Order 3 Rules 1, 6, and 9 of the Federal High Court (Civil Procedure) Rules 2019, seeks several declaratory orders. The bank argued that under the Central Bank of Nigeria’s (CBN) guidelines and regulatory provisions, the defendant banks are obligated to safeguard the financial system by preventing the abuse of electronic payment channels and ensuring restitution in cases of fraudulent transactions.
Lotus Bank urged the court to declare that it is entitled to a refund of all funds illegally transferred into the customers’ accounts domiciled with the 45 banks, amounting to ₦1,133,808,604.31. It also asked the court to order the immediate reversal and repayment of the said funds, or any portion still available, to its accounts.
In a 19-paragraph affidavit deposed by its Fraud Investigation Officer, Gbenga Ojerinde, the bank detailed that the system failure allowed certain customers to initiate multiple transfers to accounts in other banks without corresponding debits to their Lotus Bank accounts. The bank said it reported the anomaly to the Nigeria Inter-Bank Settlement System (NIBSS), which oversees interbank transactions, but many beneficiaries retained the erroneously credited sums.
Lotus Bank maintained that it is unjust for the customers to retain the funds, describing their actions as “unjust enrichment.” The institution insisted that the justice of the case demands immediate recovery of the erroneously retained credits.
Justice Daniel Osiagor has adjourned further hearing in the matter to December 2025, pending responses from the listed banks that have already filed their defense.
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Shock Delay: Supreme Court Pushes Kano Emirate Battle To 2027.
The Supreme Court on Monday postponed further proceedings in the Kano Emirate dispute, fixing April 19, 2027, as the new date for continuation of the case.....KINDLY READ THE FULL STORY HERE▶
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“Sick Mentality!” – Iwobi Applauds Osimhen While Galatasaray Boss Drops Fitness Hint Ahead Of Derby
Fulham midfielder Alex Iwobi has opened up about the intense competitive nature of his Super Eagles teammate Victor Osimhen, describing the forward’s drive to succeed as extraordinary.....KINDLY READ THE FULL STORY HERE▶
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“This Will Happen In Seven Days” – Oyedepo Issues Bold Prophecy On Insecurity Sponsors
According to Nivo News, the General Overseer of the Living Faith Church Worldwide, Bishop David Oyedepo, has declared what he described as divine judgment on bandits and their alleged sponsors responsible for insecurity across parts of Nigeria.....KINDLY READ THE FULL STORY HERE▶
Speaking on Sunday at the church’s headquarters in Ota, Ogun State, during a sermon themed “Covenant Day of Vengeance,” Oyedepo stated that those behind killings, kidnappings, and violent attacks would face divine retribution. He further claimed that within the next seven days, consequences would begin to manifest against those he accused of fueling unrest in the country, assuring worshippers that the coming week would be marked by “testimonies of vengeance.”
He was quoted as saying that judgment had been pronounced on individuals responsible for such acts and their supporters, adding that the outcome he referenced would unfold within a week.
In a related remark during a recent midweek service, Oyedepo also acknowledged the presence of fraudsters within and outside religious spaces, warning that his identity and images were being exploited for fraudulent schemes. He urged members of his congregation to remain vigilant and committed to truth to avoid falling victim to scams involving impersonation.
He recounted a case where an individual allegedly posed as him in an attempt to defraud unsuspecting victims, noting that such incidents highlight the growing sophistication of fraudulent activities.
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