Access Bank Plc and one of its employees have been charged in Federal High Court following allegations of diverting nearly N826 million in state funds through a fraudulent account.
The federal government filed four counts against Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself after an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
According to court documents filed in the Sokoto Judicial Division, the defendants allegedly created a fake “Internal Revenue Service Account” with the number 1873016763. Through this account, they reportedly received N825.9 million between May 2024 and January 2025, violating both Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.
The charges include conspiracy, money laundering, and concealment of stolen funds. Prosecutors claim the money was diverted without authorisation and hidden in breach of anti-corruption and money laundering laws.
A hearing notice signed on May 2 indicates the case was moved from the General Cause List to a hearing scheduled for May 19, with proceedings potentially lasting up to two days.
When contacted for comment, Access Bank spokesperson Kunle Aderinokun stated that the bank would issue an official statement on the matter.
The case continues to develop as both parties are required to present all evidence, including witnesses and documents, at the upcoming hearing.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
