According to Lawyard, NIBSS applied to the Federal High Court in Lagos to freeze recipient accounts in order to recover funds from unauthorized transfers [1]. According to an affidavit cited in the report, the NIP platform experienced a system glitch on September 6, 2024, with unauthorized transfers continuing until September 9 [1]. This case describes financial fraud exploiting a system glitch, which is not equivalent to a confirmed external hacker intrusion or data breach [1].
This event has not been officially confirmed. Content is based on media or third-party reports.
Backfill: this event became public on Apr 14, 2025 and we added it on Nov 10, 2026. It is not a new event.
HighMonitoringBackfillMedia reported
NIBSS Files Lawsuit to Recover Funds After Instant Payment Platform Glitch Leads to Unauthorized Transfers
1 min read
- Disclosed
- Apr 14, 2025
- Occurred
- Sep 6, 2024
- Published
- Nov 10, 2026
- Last updated
- Nov 7, 2026
- CVSS basis
- Our assessment
- Attack vector
- Impact
- Actor type
- Motivation
On this page
30-second summary
What happened
Who is affected
Industries mainly affected: Finance
What to do nowOur advice
This case describes financial fraud exploiting a system glitch, which is not equivalent to a confirmed external hacker intrusion or data breach [1].
Timeline
- Incident publicly disclosed[1]
Technical details
Source-Supported Details
This case describes financial fraud exploiting a system glitch, which is not equivalent to a confirmed external hacker intrusion or data breach [1].
Source excerpt: "According to an affidavit deposed by Patience Johnson, a litigation officer at Manifield Solicitors, NIBSS is a duly registered entity with the Corporate Affairs Commission and is licensed by the Central Bank of Nigeria to facilitate interbank clearing and settlement of electronic payments." [1].
References
Media1
- [1]
“According to an affidavit deposed by Patience Johnson, a litigation officer at Manifield Solicitors, NIBSS is a duly registered entity with the Corporate Affairs Commission and is licensed by the Central Bank of Nigeria to facilitate interbank clearing and settlement of electronic payments.”
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