Lotus Bank sues 45 banks over ₦1.1 billion glitch loss
Lotus Bank has asked a Lagos court to help recover 1.13 billion naira that 718 customers withdrew after a technical problem disabled account controls in July 2024. The bank told Justice Daniel Osiagor that people moved money they did not have when a software fix accidentally let transfers proceed without debiting accounts.
The institution sued 45 banks that received the transfers, asking them to freeze the funds and return amounts still in customer accounts. Bank official Gbenga Ojerinde said in court papers that clients made repeated withdrawals despite knowing their balances could not cover the transactions.
Central bank rules require financial firms to protect payment systems from abuse and reverse improper credits, according to the filing. Lotus reported the breakdown to the interbank settlement system that connects Nigerian banks and payment providers.
Several defendant banks have responded to the case. The judge set a hearing date in December 2025.
