Lotus Bank has filed an application before a Federal High Court in Lagos against 45 financial institutions in the country.
This is in a bid to recover the sum of N1,134,491,604.31 loss as a result of system glitch that allowed customers with no debt instructions on their accounts to initiate transfers without their account being debited,
According to an affidavit sworn to by fraud investigation officer of Lotus Bank, Gbenga Ojerinde and filed before the court by a Lagos lawyer Adebayo Oyagbola, he said he has the authority of the bank to depose to the affidavit.
He said on 20 July, 2024, Lotus Bank experienced a system glitch due to a rollback fix carried out on its e-Bills Pay platform to address a complaint.
Ojerinde explained that this fix led to unexpected behaviour which allowed customers with no-debit instructions on their accounts to initiate transfers without their accounts being debited, saying that as a result of the foregoing, some customers of the bank made multiple transfers to the respondents financial institutions listed before the court beyond the balances in their accounts.
He said the glitch affected 718 customers of the bank who made successful withdrawals and transfers from their accounts without those accounts being debited.
