₦airaland Forum

Access Bank has been thrust into a storm of panic and speculation as a Federal High Court sitting in Lagos ordered the attachment of ₦29 billion from the bank’s funds domiciled with the Central Bank of Nigeria. The development stemming from a judgment of the Court of Appeal in CA/LAG/CV/1215/2023: Igala Construction Co. Ltd & 2 Ors v. Access Bank Plc has ignited fear among shareholders and sent shockwaves rippling across the financial sector.

The order, issued in satisfaction of a massive judgment debt totaling ₦28,824,851,515.57 with 32% compounded interest, has left investors rattled, triggering a wave of anxiety over the bank’s exposure and the potential implications for its financial stability. Industry insiders say the mood around Access Bank headquarters is tense, with stakeholders scrambling for clarity as the details of the long-running legal battle resurface.

The dispute dates back to a 2005 case at the Lagos High Court involving Access Bank, Igala Construction Company Ltd, Mr. C.A. Khouzam, and Reverend (Mrs.) Mary Akinlaja. While Access Bank initially secured judgment in its favour in June 2023, the defendants’ counter-claim was partially upheld. Unhappy with the outcome, the defendants lodged an appeal—but Access Bank did not challenge the portion of the judgment relating to the counterclaims.

In a dramatic twist, the Court of Appeal overturned the high court’s decision and granted the entire counterclaim, including:

A declaration that Igala Construction was entitled to ₦27,595,152.40, the amount Access Bank had admitted owing as far back as 2004, with compounded interest at 24% per annum.

A 100% penalty on the admitted sum under the CBN Monetary Policy Circular of 2/1/04, also attracting compounded interest.

Further compounded interest at 32% per annum from April 1, 2003 until full liquidation.
₦300 million in damages over alleged malicious and defamatory publications.

₦100 million in legal costs.
With the compounded interest and penalties ballooning over two decades, the judgment sum soared into the tens of billions. A chartered accountant, Motunrayo Popoola Aishat, was engaged to compute the final figure, confirming the staggering amount due as at June 2025.

Invoking Section 287(2) of the Constitution and Section 83 of the Sheriff and Civil Process Act, the judgment creditors subsequently sought and obtained an order attaching Access Bank’s funds with the CBN. The court agreed, stressing that the creditors were entitled to “reap the fruits of their judgment.”

Meanwhile, panic has gripped Access Bank’s top management as the institution scrambles to halt the enforcement of the attachment order. In a desperate bid to contain the fallout and reassure jittery shareholders, the bank has reportedly launched a counter–suit, hoping to overturn the judgment and salvage its public image. But beneath the official denials and carefully worded statements, insiders say the tension is unmistakable; Access Bank is racing against time to stop the Central Bank of Nigeria from executing the order that freezes nearly ₦29 billion of its funds.

The ruling has sent Access Bank into one of its tensest moments in years, with shareholders reportedly alarmed, analysts increasingly cautious, and market watchers bracing for potential tremors in the banking sector. As the bank navigates the fallout, uncertainty looms even as legal experts warn that interest will continue accruing at 32% per annum until the monumental debt is completely settled.

With the stakes rising and uncertainty deepening, the matter has now been adjourned until next month, leaving the bank, its investors, and the wider financial market anxiously waiting for what comes next.

For now, all eyes remain on Access Bank’s next move, as panic lingers and investors await reassurance.

https://newsextra.com.ng/access-bank-in-turmoil-as-court-freezes-%e2%82%a629bn-at-cbn-exposing-deep-legal-trouble/

Osi Gini? This billion has become very easy to pronounce o

Really that is a very lengthy read but worth it. Non challant attitude from the bank will cost them to be grounded if the judgement isn't overturned.

Thank God I no get shishi for Accessbank I for dey panic too.

Should i move my funds out... Should this news give me any concern

When those entrusted with certain responsibilities decided to underestimate the ability of their opponents, this is what you get in return.

Newsextra014:
https://newsextra.com.ng/access-bank-in-turmoil-as-court-freezes-%e2%82%a629bn-at-cbn-exposing-deep-legal-trouble/

God help us o
I want to believe Access back would be able to do the needful.
This is serious

They should remove the loss from their present present profit.
All this banks are making huge profit

What is the background of the case? It is not about throwing around figures to discombobulate readers, we need specifics. What is the bone of contention here?? The article has no background context, and as such, absolutely useless to the readers.

Terrible journalism

One of the parties, most likely, the plaintiff, has used an unverifiable news outlet to write this "fiction" to suit its narrative and arm-twist the bank. Plaintiffs always using all sorts of tactics to bully a defendant, especially, if the defendant is a financial institution. Let the main news outlet carry such news and let CBN come out and confirm the judgement debt since they will be the one to transfer the humongous amount.

This is a serious thing o, they might convert it to shares if the judgement stands in supreme Court

Wahala
Wahala
Wahala
Wahala is all I see

Good for them, litigation can drag you to the mud

Want of diligent prosecution caused this avoidable panic for Access bank.
32% interest p.a seems to offend the principle of responsible lending under a CBN policy though plus it appears punitive in my opinion.
How did Access Bank manage to allow that part of the agreement term or whatever judgment it is enforced by the other party ? Their legal team needs to upgrade their litigation skills.

Unverified Sources!

Simply regard this as fake news!

Desperate times we are in.

Good judgement. Bank won't allow you breathe when you owe them, they can however decide to owe you for 20 years and bury you with paper work of non-compliance n litigation.

1bunne4lif:
Osi Gini? This billion has become very easy to pronounce o

Billions wey no get any value

Hmmm.... this is serious. I doubt if Access Bank can escape the judgement.

olaiya2007:
Should i move my funds out... Should this news give me any concern

I think it would depend on how much you have with them and if it's the bulk of your funds.

That notwithstanding I do not think a judgement debt of N29 billion is enough to jeopardize Access Bank's existence

Ishilove:
What is the background of the case? It is not about throwing around figures to discombobulate readers, we need specifics. What is the bone of contention here??

Terrible journalism

Lol. Are bloggers journalists?

Newsextra014:
https://newsextra.com.ng/access-bank-in-turmoil-as-court-freezes-%e2%82%a629bn-at-cbn-exposing-deep-legal-trouble/

How much is the Judge's share??

That is loud ooo. Their will be panic sell on access shares

Kobicove:
I think it would depend on how much you have with them and if it's the bulk of your funds.

That notwithstanding I do not think a judgement debt of N29 billion is enough to jeopardize Access Bank's existence

Oh I see but 29 billion is loud
.

Cheap blackmail against Access Bank as can be seen from the obscure beer parlor website bearing this false alarm. For a bank with over one trillion in gross assets, what’s a paltry N29b to dent its existence?

IbnB:
How much is the Judge's share??

Honorable off your mic

Please panic and sell your shares.
Some of us want to buy at graveyard prices!

NaijaNaWaa:
Cheap blackmail against Access Bank as can be seen from the obscure beer parlor website bearing this false alarm. For a bank with over one trillion in gross assets, what’s a paltry N29b to dent its existence?

Your observations is good but the Bank Should asuade the Public - that there Money is Safe.it is Well With NIGERIA

Igala Construction company to cash out big time

Access Bank to be bought over by another consortium

That's all

Kobicove:
Billions wey no get any value

Smh.
As if you or yours have 1 billion naira in your life. When you talk down on money it eludes it!

Ugh, the way they report news sometimes is just… chaotic. Honestly, Nigerian media needs to level up their broadcasting game abeg — this delivery no dey match the standard at all.

Is N29b money to Access Bank?
A bank made over N320b profit before tax in half year 2025 - that is just 6months o!
So, let's say this fake news is even true, if you deduct this N29b and taxes, won't the Bank still have made a healthy profit?
People are very funny. See all the dramatic buzzwords "tense", "shock waves", etc.
Please, nairaland is too big for this kind of misleading news to be broadcast. You want people to make a run on the Bank?

olaiya2007:
Should i move my funds out... Should this news give me any concern

It's a small sun for access bank, just that investors might not be paid dividend for about one year