The Federal High Court in Abuja has ordered 12 commercial banks and six fintech companies to freeze 69 accounts suspected of being linked to fraudulent transactions involving eTranzact International Plc.

Justice Joyce Abdulmalik issued the post-no-debit (PND) order on Monday after considering an ex parte application filed on behalf of the Inspector-General of Police. A post-no-debit directive bars withdrawals and other debits from an account while incoming credits can still be posted, giving investigators a window to preserve funds and records while allegations are examined.

The application followed a petition by eTranzact over alleged unauthorised transactions involving its payment infrastructure. According to the police, the incident involved suspected database penetration and manipulation of transactions that resulted in fraudulent credits being sent to accounts across different financial institutions.

The court also directed the affected financial institutions to provide certified copies of account statements and account-opening documents connected to the accounts under investigation.

According to an affidavit filed in support of the application, multiple unauthorised interbank credit transactions were processed through eTranzact’s payment ecosystem between July 27 and 28, and again from August 1 to 2, 2026.

Police said preliminary investigations indicated that the transactions did not arise from any authorised activity on eTranzact’s systems, with an estimated financial exposure of N1.387 billion.

Following the incident, eTranzact reportedly activated its internal incident-response process, deploying its audit and operational teams to investigate the transactions. The company also introduced containment measures aimed at preventing further losses and preserving evidence.

Authorities said engagement with the receiving financial institutions helped preserve about N181 million of the funds, although a substantial amount remains unaccounted for, according to the affidavit.

Police told the court that the remaining funds could be moved or concealed unless urgent action was taken. The freezing order is intended to stop transactions on the affected accounts while investigators continue their work.

The order covers accounts held across 12 commercial banks and six fintech platforms.

The involvement of fintech platforms highlights how quickly money can move across Nigeria’s financial system once a fraudulent transaction is initiated. An unauthorised credit originating from one payment infrastructure can pass through several financial institutions before investigators can trace and recover it, making cooperation among banks, fintech companies, payment processors and law-enforcement agencies critical in suspected financial-fraud cases.

As part of the ongoing investigation, police have requested access to account statements and account-opening documents linked to the affected accounts. The Inspector-General of Police has also indicated that the investigation could lead to the prosecution of individuals found responsible.

The court’s order does not establish that the account holders committed fraud. It only allows investigators to restrict transactions and obtain financial records while the allegations are examined. Because it was granted on an ex parte basis, without the affected account holders being heard, it operates as an interim measure that can be revisited as the case proceeds through the courts.

eTranzact, a Nigerian electronic-payment company licensed by the Central Bank of Nigeria and listed on the Nigerian Exchange, reported a N4.2 billion profit before tax in 2025, according to previously reported financial results.

The case adds to a growing number of Nigerian financial investigations involving post-no-debit orders, through which courts restrict access to accounts suspected of being connected to alleged financial crimes.