Court Orders Attachment of ₦29 Billion in Access Bank Funds, Triggering Sector-Wide Anxiety
Access Bank has been thrust into one of its biggest legal and financial crises in years after the Federal High Court in Lagos ordered the attachment of ₦28.8 billion from its funds held with the Central Bank of Nigeria (CBN). The order was granted in execution of a Court of Appeal judgment in CA/LAG/CV/1215/2023: Igala Construction Co. Ltd & 2 Ors v. Access Bank Plc, a case whose roots stretch back to the early 2000s and whose consequences have now become alarmingly large.
The shock in the financial sector is palpable, with shareholders, analysts, and even rival banks closely monitoring developments. The judgment debt—₦28,824,851,515.57 at the last computation—carries a staggering compounded interest of 32% per annum, a figure that critics say is almost unprecedented in modern Nigerian banking litigation. As the order spread across news platforms and social media, many Access Bank customers expressed rising anxiety about what the ruling could mean for their deposits and the bank’s stability.
A Case Stretching 20 Years
The dispute traces back to a 2005 Lagos High Court case involving Access Bank, Igala Construction Company Ltd, Mr. C.A. Khouzam, and Reverend (Mrs.) Mary Akinlaja. In that earlier ruling, Access Bank secured judgment in its favour. However, the defendants’ counterclaim was partly upheld, creating a complicated legal outcome.
Dissatisfied, the defendants appealed, leading to the pivotal turning point: the Court of Appeal threw out the earlier judgment and upheld the entire counterclaim, handing Igala Construction and its co-claimants a major legal victory. The appellate court held that:
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Access Bank owed Igala Construction ₦27.6 million as admitted in 2004, with compounded 24% interest.
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A 100% penalty was applicable under a 2004 CBN Monetary Policy Circular, also with compounded interest.
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Additional 32% compounded interest per annum would apply from April 1, 2003 until full repayment.
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₦300 million was awarded for alleged defamatory publications.
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₦100 million was awarded as legal costs.
With compounded interest accrued over two decades, the debt ballooned into tens of billions. The court-appointed accountant, Motunrayo Popoola Aishat, computed the final figure as at June 2025, confirming the enormous liability now hanging over Access Bank.
Court Orders Attachment of Funds
The judgment creditors invoked Section 287(2) of the Constitution and Section 83 of the Sheriff and Civil Process Act, requesting that the court attach Access Bank’s funds domiciled at the CBN to satisfy the debt. The court agreed, stressing the principle that judgment creditors must “reap the fruits of their judgment.”
This attachment order—effectively freezing ₦29 billion of Access Bank’s funds—has created intense pressure inside the bank. Insiders describe urgent meetings, emergency legal consultations, and frantic attempts to halt enforcement before the CBN takes irreversible action.
Panic Among Investors and Customers
Access Bank’s customers and shareholders have not taken the news lightly. On online forums, several individuals questioned whether they should withdraw their money or brace for potential instability. Others insisted the news was exaggerated or unverified, citing the absence of statements from mainstream financial regulators.
Some commenters blamed the bank for what they described as “nonchalant litigation strategy,” claiming that negligence allowed interest and penalties to snowball far beyond reasonable limits. Others argued the judgment itself was too punitive, expressing skepticism over compounded interest rates as high as 32%.
Access Bank’s Response
Though official statements have been cautious, insiders say the bank has already initiated a counter–action in a bid to halt enforcement and possibly seek a stay of execution or reversal at the Supreme Court. The institution is reportedly working to assure regulators and major investors that the situation, while serious, is under legal management.
What Happens Next?
The matter has been adjourned until next month, prolonging uncertainty across the financial markets. With interest accruing daily and legal stakes rising, analysts warn that Access Bank faces a race against time. The bank’s next steps—whether an appeal, settlement negotiation, or emergency restructuring—may determine not only its financial exposure but also broader market confidence.
For now, Access Bank, its investors, customers, and the wider banking sector are holding their breath as the legal battle continues to unfold.