Access Bank, along with one of its employees, finds themselves in hot water as they face charges for allegedly diverting a whopping N826 million. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) conducted an investigation that led to the charges being filed at the Federal High Court. The charges, which include conspiracy, money laundering, and concealment of stolen funds, were brought against Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself.
The federal government spearheaded the filing of the charges, following the ICPC’s findings. According to court documents, the defendants are accused of creating a fake “Internal Revenue Service Account” to funnel N825.9 million of state funds into between May 2024 and January 2025. This act violates Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000. The prosecution alleges that the funds were concealed through the fraudulent account set up at Access Bank’s Sokoto branch.
The court documents detail the various counts against the defendants, highlighting the fraudulent activities that took place. The state contends that the money was unlawfully diverted and hidden in violation of anti-corruption and money laundering laws. A hearing is scheduled for 19 May, where both parties are expected to present their evidence and witnesses. The court has provided guidelines for the proceedings, emphasizing the importance of timely communication and compliance with the court’s directives. Access Bank’s spokesperson, Kunle Aderinokun, mentioned that an official statement regarding the matter will be released soon.
