Access Bank Plc and a staff member face money laundering and conspiracy charges over alleged diversion of N825.9 million in state funds
[dropcap]A[/dropcap]ccess Bank Plc and one of its employees are facing legal action over their alleged involvement in a multi-million naira fraud case.
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The Federal Government, through the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has filed a four-count charge against the bank and Abdulmalik Abubakar, a relationship manager at its Sokoto branch.
According to court documents seen by this newspaper, the case centres on the alleged diversion of N825.9 million in state funds into a fake internal revenue account between May 2024 and January 2025.
Filed at the Federal High Court, Sokoto Judicial Division, the charges include conspiracy, money laundering, and concealment of stolen funds.
Count One of the charge alleges that Mr Abubakar and Access Bank conspired to create a fraudulent “Internal Revenue Service Account” with account number 1873016763.
Through this account, they allegedly received the funds in breach of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Corrupt Practices and Other Related Offences Act, 2000.
In Count Two, the prosecution claims that the funds were concealed using the same fake account at Access Bank’s Sokoto branch.
Count Three further accuses the defendants of knowingly receiving the laundered money, constituting an offence under the Corrupt Practices Act.
Count Four alleges that both parties actively concealed the illicit funds, also punishable under Nigeria’s anti-corruption laws.
The hearing notice, signed on 2 May, states that the matter has been moved to a hearing list for 19 May 2025, pending the court’s availability. If not heard on that date, it may be postponed without further notice.
Both parties are expected to present all their evidence, including documents and witnesses, during the hearing.
Any party wishing to call witnesses must promptly request summons and pay reasonable witness fees, as determined by the court.
Failure to comply with evidence procedures could result in exclusion or cost penalties.
When contacted, Access Bank spokesperson, Kunle Aderinokun, confirmed awareness of the case and said:
“The bank will issue an official statement on the matter in due course.”
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The outcome of the hearing could have significant implications for both the accused employee and Access Bank, which has faced increased regulatory scrutiny in recent years.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
