Court Orders Access Bank, FCMB To Refund N1.125bn In Forex Fraud Case

Justice Daniel Osiagor of the Federal High Court in Lagos has ordered Access Bank and FCMB to reverse a total sum of N1.125 billion linked to a disputed foreign exchange transaction to the nominal complainant, following an ex-parte application filed by the Department of State Services (DSS) in suit FHC/L/MISC/589/2026. The order, which names the two financial institutions and Julius Oluwafunmisho Okedele as defendants, was granted after hearings from DSS counsel, Barrister Michael Bajela.

According to court documents, this legal application was formally brought under the 1999 Constitution, the Federal High Court Civil Procedure Rules 2019, the Economic and Financial Crimes Commission Act 2004, the Advance Fee Fraud and Other Related Offences Act 2006, and the Proceeds of Crime Recovery and Management Act 2022. The Department of State Services (DSS) alleges the disputed funds originated from a foreign exchange transaction involving First Global Logistics Services, a client of Marble Partners. The agency stated these funds were transferred as part of an arrangement to secure $800,000 at an agreed rate of N1,407 to one US dollar.

The Department of State Services (DSS) requested court orders compelling Access Bank to reverse an alleged $100,000 transfer made to United Overseas Bank and forcing FCMB to reverse a reported $230,000 payment made into Taiwan’s Taichung Commercial Bank.

The Department of State Services (DSS) formally petitioned the court to ensure that the disputed foreign exchange funds are returned directly to the corporate account of First Global Logistics Services, which is held with Zenith Bank.

This legal request follows an earlier courtroom hearing where the prosecution revealed that the third defendant, Julius Oluwafunmisho Okedele, had previously given a formal undertaking promising to personally refund the entire multi-million naira sum himself.

When the case resumed on Friday, DSS counsel Michael Bajela informed the court that the defendant had failed to make the promised refund, forcing the agency to seek an official order compelling the banks to reverse the disputed funds instead. Upon being questioned directly by Justice Daniel Osiagor, the third defendant verbally consented to the request, prompting the judge to grant the application and formally order the financial institutions to return the funds to the nominal complainant.