LAGOS COURT ORDERS ACCESS BANK, FCMB TO REVERSE N1.125BN IN FOREX FRAUD CASE
GREATRIBUNETVNEWS–DSS secures ex-parte order over disputed $800,000 foreign exchange deal
Key Issues:
1. Banks Ordered to Reverse N1.125 Billion
_”The Federal High Court in Lagos has ordered Access Bank and First City Monument Bank (FCMB) to reverse N1.125 billion linked to a disputed foreign exchange transaction.”
2. Order Follows DSS Ex-Parte Application
_”Justice Daniel Osiagor issued the order on Friday after hearing an ex-parte application filed by the Department of State Services (DSS) in suit FHC/L/MISC/589/2026. The banks and one Julius Oluwafunmisho Okedele were listed as defendants.”
3. Disputed Funds Tied to $800,000 Forex Deal
_”The DSS told the court the funds stemmed from a forex deal involving First Global Logistics Services, a client of Marble Partners. Under the arrangement, the company was to receive $800,000 at an agreed rate of N1,407 per dollar.”
According to the agency, $100,000 was transferred to United Overseas Bank through Access Bank, while $230,000 was sent to Taichung Commercial Bank in Taiwan via FCMB. The DSS asked the court to order both banks to reverse the transfers and return the funds to First Global Logistics’ account at Zenith Bank.
At an earlier hearing, Okedele had undertaken to refund the money personally. On Friday, DSS counsel Michael Bajela said he had failed to do so, prompting the agency to seek an order compelling the banks to act.
When the judge asked Okedele if he consented to the request, he said yes. Justice Osiagor then granted the application and ordered the funds be reversed to the nominal complainant.
The application cited the 1999 Constitution, the Federal High Court Civil Procedure Rules 2019, the EFCC Act 2004, the Advance Fee Fraud and Other Related Offences Act 2006, and the Proceeds of Crime Recovery and Management Act 2022
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