The Lagos State Government has preferred charges of fraud against Access Bank and the CEO of Access Holdings Plc, Bolaji Agbede, over the alleged diversion of a property belonging to the family of Senator Musiliu Obanikoro.

This comes just as Justice I.O Harrison issued a bench warrant for the arrest of some top executives of the bank for failing to appear before the Lagos State High Court in Ikeja on January 20, 2025.

Others who are to be arrested and brought before the court on February 24 are the MD of the bank, Roosevelt Ogbonna; and the Company Secretary, Robert Imowo.

The Lagos State Government had charged Access Bank, DDSS International Company limited and others of using a property belonging to MOB Integrated Services as collateral without the owner’s consent.

According to details of the loan obtained by investigators, the property, owned by MOB Integrated Services, a company founded by the Obanikoros, was first used to guarantee a loan of N193,139,200 to Balmoral International Limited on May 21, 2013.

The credit facilities, referenced AOB/BB/VO/AD/031/05/2013, also included N120 million term loan and N20 million import duty facility.

The term of the loan was 180 days from the date of disbursement at 20 per cent per annum.

A third-party legal mortgage on the property located at 40B Bourdillion Road, Ikoyi, Lagos, was used as security.

Long after Balmoral had repaid and serviced the loan, the bank used the same collateral for another loan, completely unknown to the property owner.

The loan of N1 billion was granted to DDSS International Company Limited via an offer letter of May 16, 2019, using the same property as security, and signed by Bukola Shoyombo, a Relationship Officer in Access Bank Business Banking Division, and Oreoluwa Roy-Egbokhan, a Relationship Manager.

The purpose was to enable DDSS International to finance the purchase of different brands of cars and luxury vehicles for sale to individuals and corporate organisations.

The tenor of the loan was for 60 months at 15 per cent interest per annum, subject to review based on prevailing market conditions.

The bank claimed that the collateral was a “comprehensive third-party legal mortgage on property located at 40B Bourdillion Road, Ikoyi”.

“The property is currently with the bank and perfection has been concluded,” the bank claimed in the offer letter signed by Bukola Shoyombo (Relationship Officer, Business Banking Division) and Oreoluwa Roy-Egbokhan (Relationship Manager), Business Banking Division.

The implication is that the bank granted DDSS International the loan without collateral.

A complaint of stealing was filed against the bank and others, following which the Lagos State Government filed charges against the Managing Director, Bolaji Agbede, and three others.

In the four-count charge pending before Justice Ibironke Harrison of the Lagos State High Court sitting in Tafa Balewa Square, the Director, Directorate of Public Prosecutions, Mrs A. O. Oluwafemi, accused the bank and others of conspiracy, stealing, and attempted theft.

The defendants are 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.”

Following the defendants’ failure to appear for their arraignment, Justice Harrison ordered their arrest.

The judge issued the arrest warrant after prosecution counsel, Uthman Rilwan, informed the court that despite being served with a notice, the defendants failed to appear.

After issuing the warrant, the judge directed that it be executed against the principal officers of the defendant companies.

She adjourned until February 24, 2025, for arraignment.

The post Court Charges Access Bank MD With Fraud For Diverting Obanikoro’s Property first appeared on Newsdirect.