A Lagos State High Court has issued an arrest warrant for Bolaji Agbede, the acting Managing Director/CEO of Access Bank, over allegations of unauthorized use of a property belonging to the Obanikoro family as collateral for a loan.
According to court documents, the bank allegedly granted a loan of ₦1 billion to DDSS International Company Limited, using a property owned by MOB Integrated Services, a business entity linked to the Musiliu Obanikoro family, without their consent.
The property in question, located at Plot 40B, Bourdillon Road, Ikoyi, Lagos, was initially used to secure a loan of ₦193,139,200 granted to Balmoral International Limited on May 21, 2013. That loan, with a term of 180 days and an interest rate of 20% per annum, was reportedly repaid in full. However, in 2019, the same property was allegedly used without authorization to back a ₦1 billion loan for DDSS International Company Limited.
A complaint of theft was subsequently filed against the bank, leading to charges being brought against Bolaji Agbede and three other parties by the Lagos State Government.
The defendants in the case include Adejare Adegbenro, Managing Director of Balmoral International Limited; Balmoral International Limited itself; Access Bank; Bolaji Agbede; and DDSS International Company Limited.
The four-count charge filed before Justice Ibironke Harrison at the Lagos State High Court in Tafawa Balewa Square includes allegations of conspiracy, theft, and attempted theft. The charges claim that the defendants conspired to use the property of MOB Integrated Services as collateral for the loan without the owner’s consent.
The prosecution alleged that the defendants attempted to steal the property by offering it as security for the ₦1 billion loan granted to DDSS International Company Limited on May 26, 2019.
Following the defendants’ failure to appear for their arraignment, Justice Harrison ordered their arrest and directed the execution of the warrant against the key officers of the defendant companies. The case has been adjourned to February 24, 2025, for arraignment.
