A Federal High Court in Lagos has ordered Access Bank Plc and First City Monument Bank Plc to reverse a total sum of N1.125 billion allegedly linked to a forex fraud scheme to the nominal complainant.
Justice Daniel Osiagor issued the order while ruling on an ex-parte application filed by the Department of State Services (DSS) in suit number FHC/L/MISC/589/2026.
The DSS had instituted the suit against the two banks and one Julius Oluwafunmisho Okedele, who was accused of orchestrating the alleged fraudulent forex transaction.
Counsel to the DSS, Michael Bajela, told the court that the application was brought pursuant to relevant provisions of the 1999 Constitution, the Federal High Court Civil Procedure Rules 2019, the Economic and Financial Crimes Commission Act 2004, the Advance Fee Fraud and Other Related Offences Act 2006, and the Proceeds of Crime Recovery and Management Act 2022.
According to the DSS, Okedele allegedly obtained N1.125 billion from First Global Logistics Services, a client of Marble Partners, under the pretext of providing $800,000 at an agreed exchange rate of N1,407 to one dollar.
The secret police further alleged that part of the funds was transferred through the two banks. It therefore sought an order directing Access Bank Plc to reverse $100,000 allegedly transferred to United Overseas Bank, as well as an order compelling First City Monument Bank Plc to reverse $230,000 allegedly paid into Taichung Commercial Bank in Taiwan.
The DSS also requested that the recovered funds be returned to the account of First Global Logistics Services domiciled with Zenith Bank Plc.
At an earlier hearing, Bajela informed the court that the third defendant had undertaken to personally refund the money. However, during Friday’s proceedings, the DSS counsel said the defendant had failed to make the refund, prompting the agency to seek an order directing the banks to reverse the funds.
Justice Osiagor subsequently asked Okedele whether he consented to the application. The defendant answered in the affirmative.
Following the submission, the judge granted the DSS application and ordered the immediate reversal of the funds to the nominal complainant.
Comment here