Access Bank, employee dragged to court over alleged N825.9m fraud

Access Bank Plc and one of its employees, Abdulmalik Abubakar, are facing serious legal challenges after the Federal Government filed a four-count charge against them at the Federal High Court over the alleged diversion of N825.9 million in public funds into a fraudulent account.

The charges, instituted at the Sokoto Judicial Division, stem from an investigation conducted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), as detailed in court filings obtained by this newspaper.

Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank are jointly accused of conspiracy, money laundering, and concealment of stolen funds.

Prosecutors allege that the duo created a fake “Internal Revenue Service Account” — with account number 1873016763 — through which they illicitly received state funds between May 2024 and January 2025.

Count one of the charges accuses the defendants of violating the Money Laundering (Prevention and Prohibition) Act, 2022, and the Corrupt Practices and Other Related Offences Act, 2000. Count two further alleges concealment of the same funds in the fraudulent account.

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In count three, the prosecution states that the funds were fraudulently received through the fictitious account, in breach of section 13 of the Corrupt Practices Act, and punishable under section 68.

Count four charges the defendants with direct concealment of the laundered funds, in violation of section 24 of the same Act.

The federal government maintains that the funds were diverted without any official authorization and deliberately hidden in a manner that contravenes Nigeria’s anti-corruption and anti-money laundering laws.

A court hearing notice dated May 2 indicates that the case has been scheduled for a hearing on May 19, depending on the court’s availability. The proceedings could last up to two days. If rescheduling is required, no further notice will be issued. The notice also outlines strict procedural requirements for evidence submission and witness attendance.

Both parties are expected to present all relevant documents and witnesses during the hearing. Failure to do so may result in evidence exclusion or penalties. Witness summons must be requested in advance, and expenses for witnesses must be covered by the requesting party.

When contacted, Access Bank spokesperson Kunle Aderinokun confirmed awareness of the case and said the bank would release an official statement in due course.