Nigeria: Access Bank Faces Charges Over Alleged Diversion of N826 Million

Access Bank Plc and one of its employees face legal issues. A four-count charge was filed against them in the Federal High Court. This is due to the alleged diversion of N825.9 million in state funds into a fraudulent account.

The charges were brought by the federal government. They followed an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). Court documents reveal that Abdulmalik Abubakar, a relationship manager at Access Bank's Sokoto branch, is involved. The bank itself is also named in the charges.

The first count alleges they created a fake "Internal Revenue Service Account." This account received N825.9 million between May 2024 and January 2025. This action violated Nigeria's Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.

The second count claims they concealed these funds through the same fraudulent account. This account was allegedly created at Access Bank's Sokoto branch. The court states that both Mr. Abubakar and the bank committed offenses under various sections of the Money Laundering (Prevention and Prohibition) Act, 2022.

In Count Three, prosecutors say they fraudulently received money through this fake account. This act violates section 13 of the Corrupt Practices and Other Related Offences Act, 2000. Count Four alleges direct concealment of laundered funds by Mr. Abubakar and Access Bank.

The state asserts that this money was diverted without authorization. It was concealed in violation of anti-corruption and money laundering laws.

A hearing notice dated May 2 indicates that the case has been rescheduled for May 19. If court schedules allow, it will be heard on that date; otherwise, it may be postponed without notice. The hearing could last up to two days.

The notice states that either party wishing to postpone must apply promptly to the court with proof if factual matters are involved. Both parties must present all evidence during the hearing, including witnesses and documents.

If parties want witnesses to attend, they should request summons from the court immediately. Any required documents must be specified clearly as well. The requesting party must pay reasonable fees for witness expenses as determined by the court.

If either party wishes to use documents held by another party, they must notify them in writing before the hearing begins. Otherwise, secondary evidence cannot be presented.

This notice was issued by order of the court. When contacted, Access Bank spokesperson Kunle Aderinokun stated that an official statement would follow soon.