FG Drags Access Bank To Court For Laundering State Funds Via Bogus Internal Revenue Account

FG has dragged Access Bank to court for laundering state funds via bogus internal revenue account.

NaijaOnPoint Nigeria reports that Access Bank Plc is currently under fire after being hit with serious criminal charges by the Federal Government of Nigeria for its alleged central role in the unlawful diversion of ₦825.9 million in state funds. At the heart of this scandal is a damning allegation: the bank facilitated the laundering and concealment of stolen public money through a fake internal revenue account, implicating its own staff in the process.

Filed at the Federal High Court in Sokoto, the four-count charge seen by NaijaOnPoint Nigeria according to findings by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) casts a long shadow over Access Bank’s internal compliance and risk management systems.

The case accuses both the bank and one of its employees, Abdulmalik Abubakar, of conspiracy, money laundering, and aiding the concealment of illicit funds.

In a particularly alarming revelation, prosecutors claim that between May 2024 and January 2025, the bank helped channel nearly a billion naira of state funds into a fictitious account created under the name “Internal Revenue Service Account” (No. 1873016763), a bold and calculated ruse that violates multiple sections of Nigeria’s anti-money laundering and anti-corruption laws.

Legal documents allege that Access Bank not only failed to flag the suspicious activity but actively participated in disguising the stolen funds, in breach of the Money Laundering (Prevention and Prohibition) Act, 2022 and the Corrupt Practices and Other Related Offences Act, 2000.

Count Three of the charge notes that the funds were “fraudulently received” and Count Four goes further, accusing the bank and Abubakar of directly concealing the laundered money, a crime punishable under Nigerian anti-corruption laws.

A court hearing notice issued on May 2 confirmed the case has been moved to the hearing list for May 19. The proceedings are expected to span two days unless postponed. The court has warned both parties to be fully prepared with all witnesses and documentation on that date or risk exclusion of evidence.

This case now raises broader questions about Access Bank’s internal ethics, regulatory oversight, and how such a massive scheme could occur under the watch of one of Nigeria’s leading financial institutions.

When contacted, Access Bank’s spokesperson, Kunle Aderinokun, said an official statement would be released, though the bank has so far offered no explanation or denial regarding the grave charges.

The federal government’s case is expected to draw intense scrutiny from regulators, shareholders, and the public as the fallout from this scandal deepens.