Wema Bank Plc has filed a lawsuit at the Federal High Court in Lagos to recover ₦2.9 billion that was allegedly withdrawn from its system without authorization due to a system glitch on January 16, 2025. The bank is asking the court to compel 26 financial institutions to return the traced funds and provide details of the account holders involved.
According to an affidavit by Kehinde Buari, Wema Bank’s Head of Special Review and Investigation, the system failure resulted in unintended transactions affecting both Wema Bank accounts and those in other banks. While ₦888 million has been recovered, a significant portion remains unaccounted for.
The bank has engaged the Nigeria Inter-Bank Settlement System (NIBSS) to track the funds and has urged the court to place affected account holders on financial watchlists. This case highlights growing concerns over banking infrastructure vulnerabilities in Nigeria.
