The Federal High Court in Ikoyi has ordered the permanent forfeiture of N1,292,798,746.81 stolen from Sterling Bank Plc due to a system glitch, directing that the funds be returned to the Federal Government in favor of the bank.
The Economic and Financial Crimes Commission (EFCC) launched an investigation after Sterling Bank reported a theft totaling N2.5 billion. The probe traced the stolen money to multiple accounts held by individuals and a company, including M Sharif Inter-Trading and Marketing Company Ltd. and several accounts linked to Mustapha Abubakar and associates.
On March 12, 2025, the court granted an interim forfeiture order and invited any interested party to contest the claim. Following no opposition, Justice D.I. Dipeolu ruled the EFCC’s motion meritorious and finalized the forfeiture.
The theft occurred through exploitation of a system glitch at Sterling Bank, allowing criminals to withdraw funds unlawfully. The EFCC has also arrested five suspects, including some bank staff, charged with conspiracy, hacking, and money laundering related to the incident. The suspects allegedly used insider information and cyber tools to divert over N1.2 billion into fraudulent accounts.
A similar incident in 2024 involved a system glitch at TAJ Bank Ltd, which led to freezing accounts in other financial institutions and reversing over N139 million credited erroneously.
The EFCC continues to urge banks to strengthen security frameworks to prevent such incidents and protect customers’ funds.
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