Court Issues Arrest Warrant for Acting MD of Access Bank Over Alleged Use of Obanikoro’s Property as Collateral Without Consent

A Lagos State High Court has issued an arrest warrant for the acting Managing Director of Access Bank, Bolaji Agbede, in connection with the alleged granting of a loan to a company using a property owned by Musiliu Obanikoro’s family in Lagos.

Court documents state that Access Bank reportedly granted a N1 billion loan to DDSS International Company Limited, using a property owned by MOB Integrated Services as collateral without the owner’s consent.

MOB Integrated Services is a business entity belonging to Musiliu Obanikoro’s family in Lagos. The property in question, located at Plot 40b, Bourdillon Road, Ikoyi, was initially used to secure a loan of N193,139,200 to Balmoral International Limited on May 21, 2013. The loan had a 180-day term at an interest rate of 20 percent per annum.

After Balmoral repaid the loan, the bank allegedly used the same property as collateral for a N1 billion loan to DDSS International Company Limited, facilitated through an offer letter dated May 16, 2019, without the property owner’s authorization.

This means the bank granted the loan to DDSS International without proper collateral.

A complaint of stealing was filed against the bank, and the Lagos State Government has brought charges against Bolaji Agbede and three others. The four-count charge is pending before Justice Ibironke Harrison of the Lagos State High Court, sitting in Tafa Balewa Square.

The Director of the Directorate of Public Prosecutions, Mrs. A. O. Oluwafemi, has accused the bank and the other defendants of conspiracy, stealing, and attempted theft.

The defendants include the Managing Director of Balmoral International Limited, Adejare Adegbenro; Balmoral International Limited; Access Bank; Bolaji Agbede; and DDSS International Company Limited.

The charge reads: “Count 1: Conspiracy to Commit a felony to wit: stealing contrary to Section 411 of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015.

“Particulars of Offence: Adejare Adgbenro (m), Balmoral International Limited, Access Bank and Bolaji Agbede (m) on or about the 24th Day of September 2013 at Plot 1261, Adeota Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, conspired to commit a felony to wit: Stealing.”

The charge says they conspired and “stole the property of MOB Integrated Services at Plot 40b, Bourdillion Road, Ikoyi, Lagos by using it as a security for a loan without his consent and subsequently entering into a consent judgment”.

The defendants were also charged with attempted stealing, contrary to Section 21 of the Criminal Law of Lagos State, 2015.

The prosecution said the defendants, on or about May 26, 2019, at Plot 1262, Adeola Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, “attempted to steal the property of MOB Integrated Services at Plot 40B, Bourdillion Road, Ikoyi, Lagos by offering and granting DDSS International Company Limited a credit facility of N1billion only.”

Justice Harrison issued the arrest warrants for the defendants after they failed to appear for their arraignment. The judge ordered that the arrest warrants be executed against the principal officers of the defendant companies.

The case has been adjourned until February 24, 2025, for the arraignment.