Access bank charged over alleged diversion of N826 Million

 Torchlight news.


Access Bank Charged Over Alleged Diversion of N826 Million

ICPC Investigation Leads to Federal Charges Against Bank and Employee

Access Bank Plc and one of its staff members are facing legal action after the Federal Government filed a four-count charge against them at the Federal High Court. The charges stem from an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), alleging the diversion of N825.9 million in state funds into a fraudulent account.

Filed at the Sokoto Judicial Division, the charges name Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself. They are accused of conspiracy, money laundering, and concealment of illicit funds.

According to the state counsel, the defendants allegedly created a fictitious “Internal Revenue Service Account” (Account No. 1873016763) through which they received N825.9 million between May 2024 and January 2025. This act, the prosecution says, violates the Money Laundering (Prevention and Prohibition) Act, 2022, and the Corrupt Practices and Other Related Offences Act, 2000.

In Count Two, the prosecution alleges that the funds were deliberately concealed via the same fraudulent account, with both the bank and Mr. Abubakar in violation of several provisions of the Money Laundering Act.

Count Three claims the defendants knowingly received the funds through the fake account, breaching Section 13 of the Corrupt Practices Act and punishable under Section 68 of the same Act.

Count Four charges both parties with the direct concealment of the laundered funds, in contravention of Section 24 of the Corrupt Practices Act.

The prosecution asserts that the funds were misappropriated without authorisation and hidden in violation of Nigeria’s anti-corruption and anti-money laundering laws.

Court Hearing Scheduled

A hearing notice issued on 2 May indicates that the case has moved from the General Cause List and is now scheduled for hearing on 19 May, subject to court availability. If the hearing cannot proceed on that date, it will be postponed without further notice.

Parties involved are expected to present all evidence—including witnesses and documentation—during the hearing. Failure to do so may result in evidence being disallowed or additional costs being imposed.

Any party intending to call witnesses must request summons in advance, allowing adequate time for service. If witnesses are to bring documents, these must be clearly described. The requesting party is responsible for covering witness expenses and time, as determined by the court. Witnesses may be excused if fees are not paid in advance.


Additionally, if a party intends to use documents held by the opposing side, they  must issue a written request prior to the hearing or risk exclusion of such evidence.

The notice was issued by the order of the court.

When contacted, Access Bank spokesperson Kunle Aderinokun stated that the bank would issue an official response in due course.

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