Access Bank Plc, one of Nigeria’s largest financial institutions, finds itself embroiled in a legal battle following allegations of a significant financial misconduct. The bank, alongside an employee, faces a four-count charge filed at the Federal High Court over the alleged diversion of N825.9 million in state funds into a fraudulent account.
The charges, filed by the federal government, stem from an investigation conducted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). The court documents, obtained by Premium Times, show that the legal proceedings were initiated in the Sokoto Judicial Division.
According to the charges, Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself are accused of conspiring to launder money, as well as concealing stolen funds. The fraudulent activity allegedly involved the creation of a fake “Internal Revenue Service Account,” through which the funds were funneled.
Details of the Charges
The first charge against Access Bank and Mr. Abubakar alleges that between May 2024 and January 2025, they received a total of N825.9 million through the fraudulent account, contravening Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.
In the second count, the prosecution claims the defendants actively concealed the funds through the same bogus account, violating anti-money laundering laws. This breach falls under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The third count accuses the duo of fraudulently receiving the diverted money, a charge punishable under the Corrupt Practices and Other Related Offences Act of 2000.
The fourth count further accuses the defendants of directly concealing the laundered funds, also violating the Corrupt Practices and Other Related Offences Act, 2000.
The charges paint a concerning picture of how a well-established financial institution allegedly violated the law to conceal significant sums of money in breach of both corruption and anti-money laundering frameworks.
Legal Proceedings and Upcoming Hearing
The case has been moved to a hearing scheduled for May 19, 2025, as per a notice signed on May 2. However, the hearing will only proceed on that date if the court’s schedule permits. If not, it may be postponed. The hearing could last up to two days, during which both parties are expected to present evidence, including witness testimony and documentary proof. Failure to submit such evidence could lead to its exclusion from the case.
The court notice also emphasized the necessity of notifying the court and the opposing party ahead of time if any evidence or witnesses are to be introduced, as well as paying necessary fees for witness attendance.
Bank’s Response
Kunle Aderinokun, a spokesperson for Access Bank, confirmed that the bank would issue an official statement on the matter in due course. At this time, the legal battle continues to unfold, with serious implications for the financial institution’s reputation and future operations.
The outcome of this case could have wider ramifications, not just for Access Bank, but for other financial institutions in Nigeria, which may face increased scrutiny following such high-profile charges.
