Access Bank Plc and an employee are charged with diverting N825.9 million in state funds into a fraudulent account, following an ICPC investigation

Access Bank Plc and one of its employees are facing legal action after a four-count charge was filed against them at the Federal High Court over the alleged diversion of N825.9 million in state funds into a fraudulent account.

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The charges, filed by the federal government, stem from an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), according to court documents.

The charges, filed at the Sokoto Judicial Division, accuse Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself of conspiracy, money laundering, and concealment of stolen funds.

The state counsel alleges that the defendants created a fake “Internal Revenue Service Account” with number 1873016763, through which they received N825.9 million between May 2024 and January 2025, in violation of Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.

The second count accuses them of concealing the same funds through the same fraudulent account, said to have been created at Access Bank’s Sokoto branch.

According to the court, the bank and Mr Abubakar committed an offence contrary to section 18 (2)(a) and punishable under sections 18(3), 18 (4), 22(1) and 22(2) of the Money Laundering (Prevention and Prohibition) Act, 2022.

In Count Three, prosecutors say the money was fraudulently received through the fake account, “thereby committing an offence contrary to section 13 and punishable under section 68 of the Corrupt Practices and Other Related Offences Act, 2000.”

Count Four alleges that Mr Abubakar and the bank directly concealed the laundered funds, “thereby committing an offence contrary to and punishable under section 24 of the Corrupt Practices and Other Related Offences Act, 2000.”

The state asserts that the money was diverted without authorisation and concealed in breach of anti-corruption and money laundering laws.

Hearing Details

According to a hearing notice dated 2 May, the case has been moved to a hearing set for 19 May. The hearing will proceed on that date if the court’s schedule allows; otherwise, it will be postponed. The hearing may extend over two days.

The notice specifies that any party seeking a postponement must apply to the court promptly and provide evidence for factual reasons.

At the hearing, both parties must present all evidence, including witnesses and documents. Evidence not presented during the hearing may be excluded or lead to cost penalties.

Parties requiring witness attendance should immediately request court summons, allowing sufficient notification time. If witnesses are to bring documents, these must be clearly identified.

The party requesting witnesses is responsible for their reasonable expenses and lost time, as determined by the court. Attendance may be denied if these fees are not deposited.

If either party intends to use documents held by the other, they must provide written notice in advance. Failure to do so may preclude the presentation of secondary evidence.

The notice was issued by order of the court.

When contacted, Access Bank spokesperson, Kunle Aderinokun, stated that the bank would release an official statement on the matter.