Photo caption: Access Holdings logo
*Loses N5.762b to fraud
As global financial fraud surges to over $485 billion in annual losses, Access Holdings PLC is setting a new standard in Africa’s banking industry through aggressive and strategic investment in technology aimed at combating the growing threat, National Association of Online Security News Publishers (NAOSNP) reports.
This development is coming after the leading deposit money bank lost about N5.762 billion through a member of staff who colluded with other criminals to hack into its server and carted away the money. The case is coming up court tomorrow in Lagos.
With Nigeria’s financial sector experiencing a spike in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a front-runner in fraud prevention through innovation.
In 2024, Access Holdings, the parent company of Access Bank, recorded a landmark ₦193.5 billion ($120.5 million) in technology investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry. This bold move has paid off significantly. The Group reported a 73% drop in fraud-related losses, falling from ₦6.15 billion in 2023 to just ₦1.64 billion in 2024.“Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc.
“In a world of rising digital risks, we have chosen to lead with innovation and resilience. Our sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms.”
Globally, banks like JPMorgan Chase are increasing technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is not left behind. Among local peers, Access Holdings has demonstrated the strongest correlation between strategic tech spending and measurable fraud reduction.
Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to detect and respond to threats with speed and precision.
While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats.
According to Nigeria Inter-Bank Settlement System (NIBSS) data, fraud incidents in the country jumped 112% from 2019 to 2023, underscoring the urgent need for systemic countermeasures.
Access Holdings’ proactive stance not only affirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to secure trust in an increasingly digital world.
It would be recalled that a member of staff of Access Bank recounted in court how he colluded with others and hacked the Bank’s server and stole N5.7 billion
According to a report, staff of Access Bank Plc, Abdulmajeed Agboola, narrated how the ICT representative of the Abakaliki branch of the bank, Olajide Ogunmoroti colluded with others to hack into the banks server and stole N5.762 Billion.
He made the revelation while testifying as first prosecution witness (PW1), in the trial of Ogunmoroti and three others – Michael Igbomina, David Onyeike and Moses Iruolaje before Justice O.O.Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos.
According to the witness, the first defendant (Ogunmoroti) used a private laptop in connection with the bank’s server through which they gained access to the bank’s data and stole N5.762 billion.
The defendants are being prosecuted on an amended 10-count charge bordering on stealing, retention of proceeds of crime, money laundering , obtaining credit by false pretence and unauthorized access to computer materials by the Economic and Financial Crimes Commission (EFCC).
One of the charges read: “That you, Olajide Ogunmoroti, Michael Igbomina, David Onyeike and Moses Iruolaje, sometime in 2023, with a dishonest intent, stole and converted for your own use the sum of N2,253,827,379.23, being property of Access Bank Plc., thereby committed an offence of Stealing, contrary to Sections 280 and punishable under section 280 of the Criminal Law of Lagos State, 2015.”
Another charge read: “That you, “Olajide Ogunmoroti, Michael Igbomina, David Onyeike and Moses Iruolaje, sometime in 2023, in Lagos, within the jurisdiction of this Honourable Court, with a dishonest intent, stole and converted for your own use the sum of N3,473,166,731.00 (Three Billion, Four Hundred and Seventy- Three Million, One Hundred and Sixty-Six Thousand, Seven Hundred and Thirty One Naira) Property of Access Bank PIc., thereby committed an offence of Stealing, contrary to Sections 280 and punishable under section 287 of the Criminal Law of Lagos State, 2015.”
Led in evidence by the prosecution counsel, Abdulhamid L. Tukur, the witness told the court that the first defendant, Ogunmoroti, was the ICT representative of the Abakaliki branch of the bank at the time.
According to him, there was a glitch in the bank’s server, which was traced to the Abakaliki branch during investigations.
“There was a fraudulent overdraft limit maintained on our customers’ accounts, which enabled them to make withdrawals from the unfunded accounts. We observed those suspicious overdraft limits maintained on customers’ accounts, which allowed them to access funds and transferred to accounts maintained in both Access Bank and other banks. We identified customers whose accounts benefitted from the suspicious overdraft maintenance with total exposure of over N5bn”, the PW1 stated.
The witness stated that when the CCTV footage was checked, it was discovered that everything had been wiped out.
He further added: “During investigations, everything was pointing at the first defendant (Ogunmoroti). He admitted that he used a private laptop in connection with the bank’s server through which they gained access to the bank’s data.”
He, however, told the court that the use of personal laptops wasn’t allowed in the bank’s policy.
The prosecution counsel, thereafter, sought to tender in evidence the petitions from the bank. There was no objection by the defence counsel and the document was admitted by the court.
Justice Fadipe adjourned the matter till tomorrow May 20, 2025 for the continuation of trial.
