Access Bank Plc and one of its employees, Abdulmalik Abubakar, are facing a four-count charge at the Federal High Court, Sokoto, bordering on alleged diversion of N825.9 million state funds into a fraudulent account.
The charges followed an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Abubakar, Access Bank’s Relationship Manager at its Sokoto branch, and the bank were accused of conspiracy, money laundering, and concealment of stolen funds.
The first count charge read that the defendants created a fake Internal Revenue Service Account with number 1873016763, through which N825.9 million was received between May 2024 and January 2025, in violation of Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.
The second count also read that defendants concealed the same funds through the same fraudulent account created at Access Bank’s Sokoto branch.
The offence, according to the charge, is contrary to section 18 (2)(a) and punishable under sections 18(3), 18 (4), 22(1) and 22(2) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The third count read that the money was fraudulently received through the fake account, “thereby committing an offence contrary to section 13 and punishable under section 68 of the Corrupt Practices and Other Related Offences Act, 2000.”
Count Four accused that Mr Abubakar and the bank directly concealed the laundered funds, “thereby committing an offence contrary to and punishable under section 24 of the Corrupt Practices and Other Related Offences Act, 2000.”
It was said that the money was diverted without authorisation and concealed in breach of anti-corruption and money laundering laws.
According to a hearing notice signed on May 2, the case was moved from the general cause list to a hearing scheduled for Monday, May 19.
