Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of N81,108,143.8 stolen from Sterling Bank Plc following a system glitch that befell the financial institution.

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 Hannatu U. KofarNaisa, its counsel.

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.

The anti-graft agency said it began investigating the case after receiving a petition from Sterling Bank on July 18, 2022.

According to Maina Gapani Gyal, EFCC investigator, 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The EFCC said the bank was unable to recover N295.9 million from the stolen funds because the money had already been withdrawn and converted by customers.

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.

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.

The Securities and Exchange Commission Nigeria (SEC) has cautioned fintech operators that while technology can expand access to investment opportunities, it also has the potential to magnify risks if not properly managed.

While speaking at the first biannual SEC Regulator–FinTech Clinic, Rabi Maidawa, fund authorisation officer at the commission, said technology-driven platforms do not eliminate risk in investment but can amplify it when systems are poorly designed.

“Technology does not eliminate risk in investment; it amplifies it. A single design flaw on a platform, such as a data integrity issue, can spread quickly across the investor ecosystem,” Maidawa said.

Regulators and industry stakeholders at the forum stressed the need for stronger compliance frameworks as digital finance continues to evolve across Nigeria’s financial ecosystem.

Muhammad Jiya, chief operating officer for emerging technologies and innovation at the Nigerian Financial Intelligence Unit (NFIU), noted that digital assets and technology-driven financial services are creating new channels for financial crime.

According to him, operators must ensure that compliance programmes are embedded within their platforms from the early stages of development.

“Digital assets and technology-driven financial services also present new actors for financial crime. As operators, compliance programmes should be embedded into your systems,” Jiya said.

Industry experts also advised fintech founders to engage regulators early when developing new products.

Nelson Ikeagu, a regulatory expert, said pre-launch engagement with regulators is essential for innovators whose products may not clearly fall within existing regulatory frameworks.

“Pre-launch dialogue is important for operators because it helps provide guidance on what regulators expect,” he said.

He added that startups developing innovative products that do not fit neatly into existing regulations, such as those overseen by the Nigerian Communications Commission (NCC) should consider applying for regulatory sandbox programmes to obtain guidance while testing their solutions.

“Operators that adopt higher compliance standards are better positioned to navigate the regulatory environment,” Ikeagu noted.

Ismaila Muhammad, an IT professional who spoke at the event, also advised fintech founders to treat their platforms as regulated entities and ensure they do not become conduits for illicit financial activity.

“You are still an entity even if you are a tech company. Ensure that money launderers do not infiltrate your business. Proper registration with the SEC and adherence to regulatory requirements are essential,” he said.

While delivering remarks on the commission’s regulatory approach to fintech, Jameelah Sheriff-Ayedun said the SEC was among the first Nigerian regulators to formally institutionalise collaboration with fintech companies.

According to her, the commission introduced a regulatory incubation programme to provide innovation-friendly supervision while maintaining market integrity.

“The regulatory incubation programme provides innovation-friendly supervision. The SEC has also played an active leadership role in the regulators’ forum,” she said.

She noted that between 2020 and 2022, the commission moved early to support emerging fintech models, including crowdfunding, robo-advisory services, tokenisation, and digital assets.

However, Sheriff-Ayedun acknowledged that several structural challenges remain in Nigeria’s fintech regulatory environment. These include complex multi-regulator oversight, overlapping mandates among agencies, and prolonged licensing timelines.

She also pointed to operational clarity gaps in areas such as digital assets and decentralised finance (DeFi).

Beyond regulation, she said the industry still faces significant market and capacity gaps, including shortages of skilled talent in compliance, cybersecurity, and artificial intelligence, as well as limited investor education and barriers to broader retail capital participation.

Other challenges include the limited depth of early-stage capital available to support fintech innovation in the country.

First Asset Management investment management rating just got an upgrade to ‘AA’ from ‘AA-’ by DataPro and affirmation of A+(IM) by Agusto & Co. This reflects how we are continuously improving to serve our investors better. Our funds levelled up too as Agusto & Co upgraded our First Asset Money Market Fund rating to A+ (f) (up from Aa‑(f)).

What its means for customers

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Independent rating agencies — Agusto & Co and DataPro Limited recognize these improvements. Their ratings highlight our commitment to responsible asset management, strong governance, and operational systems designed to support stable long-term performance.

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