The Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of ₦1,292,798,746.81, which was fraudulently withdrawn from Sterling Bank Plc following a system error. The sum is now forfeited to the Federal Government for the benefit of the bank.
Justice D.I. Dipeolu issued the ruling after reviewing a motion filed by the Economic and Financial Crimes Commission (EFCC), which investigated the case.
According to the EFCC’s official statement released on Saturday, the stolen amount was part of over ₦2.5 billion illicitly taken by various individuals after a technical glitch occurred in Sterling Bank’s systems. The bank reported the incident to the EFCC, prompting an extensive probe that traced the money to several personal and corporate accounts.
Among the identified accounts were:
M Sharif Inter-Trading & Marketing Co. Ltd (UBA) — ₦900 million
Mustapha Abubakar (UBA) — ₦255.87 million
Mustapha Sharif Abubakar (UBA) — ₦12.19 million
Mustapha Sharif Abubakar (Jaiz Bank) — ₦41.12 million
Abubakar Mustapha Sharif (First Bank) — ₦19.07 million
Mustapha Sharif Abubakar (Sterling Imal) — ₦30.85 million
These accounts were previously frozen under an interim forfeiture order granted in March 2025, with a public notice published in The Punch on March 24, giving affected parties a chance to contest the order.
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In her final judgment, Justice Dipeolu said, “Having gone through the motion and attachments, I find the application meritorious and same is accordingly granted.” She then ordered the funds be permanently forfeited to the Federal Government, designating Sterling Bank as the beneficiary.
This judgment follows a similar case in 2024, when a Federal High Court in Abuja froze accounts linked to ₦139 million mistakenly credited to users due to a glitch at TAJ Bank Ltd.
Financial analysts warn that the increasing reliance on digital platforms exposes banks to growing cybersecurity risks. A cybersecurity expert emphasized that strengthening institutional frameworks, enforcing safe digital practices, and improving agency collaboration are critical to safeguarding Nigeria’s financial ecosystem.
