A Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of N81,108,143.08 linked to a massive fraud triggered by a system glitch at Sterling Bank Plc.
Justice Yelim Bogoro gave the order on Monday, March 9, 2026, directing that the funds be forfeited to the Federal Government of Nigeria in favour of the bank.
The ruling followed a motion filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, Hannatu U. KofarNaisa.
Background of the Sterling Bank glitch fraud
The court had earlier granted an interim forfeiture order on October 2, 2025 and directed that the order be published in a national newspaper for anyone with an interest in the funds to appear and show cause why the money should not be permanently forfeited.
Investigations revealed that the funds were part of more than N2.5 billion stolen by some customers of Sterling Bank following a system glitch that allowed unauthorised transfers.
The glitch reportedly enabled customers to exploit the PAYATTITUDE Global Ltd banking platform to move funds from their accounts even when they were not funded.
EFCC investigation
The anti-graft agency said it began investigating the case after receiving a petition from Sterling Bank on July 18, 2022.
According to the EFCC investigator, Maina Gapani Gyal, more than N2.5 billion was fraudulently transferred and converted for personal use by several bank customers and third-party beneficiaries.
The investigation traced part of the stolen funds to accounts linked to Sulaiman Kehinde Ojora, identified as one of the major beneficiaries of the fraud.
Further findings showed that N43 million was concealed in the account of his friend, Taiwo Oluwaseyi Alawode, domiciled in Access Bank.
N122.2 million was hidden in the account of his wife, Aminat Olatanwa Ojora, domiciled in Sterling Bank.
The EFCC said the bank was unable to recover N295.9 million from the stolen funds because the money had already been withdrawn and converted by customers.
Recovered funds
However, investigators were able to salvage N81.1 million, which became the subject of the forfeiture proceedings.
The bank also recovered N490.3 million from its internal ledger during the investigation.
The EFCC informed the court that the interim forfeiture order was published in The Punch on February 19, 2026, inviting any interested party to challenge the forfeiture.
Court ruling
After reviewing the motion and supporting documents, Justice Bogoro ruled that the application was valid.
“Having gone through the motion and attachments, I find the application meritorious and the same is accordingly granted,” the judge held.
The court subsequently ordered that the recovered N81,108,143.08 be finally forfeited to the Federal Government in favour of Sterling Bank.
