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A Lagos State High Court has issued an arrest warrant for the acting Managing Director of Access Bank, Bolaji Agbede, for allegedly granting loan to a company using a property belonging to Musiliu Obanikoro's family in Lagos.
According to court documents, the bank allegedly granted N1billion loan to DDSS International Company limited, using a property belonging to MOB Integrated Services as collateral without the owner's consent.
MOB Integrated Services is a business entity owned by the Musiliu Obanikoro's family in Lagos.
The property in question, located at Plot 40b, Bourdillon Road, Ikoyi, was first used to guarantee a loan of N193,139,200 to Balmoral International Limited on May 21, 2013.
The term of the loan was 180 days from the date of disbursement at 20 per cent per annum.
After Balmoral had repaid and serviced the loan, the bank allegedly used the same property as collateral to facilitate a loan of N1 billion to DDSS International Company Limited via an offer letter of May 16, 2019, without authorisation from the owner of the property.
The implication is that the bank granted DDSS International the loan without collateral.
A complaint of stealing was filed against the bank and the Lagos State Government filed charges against the bank 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.”
Justice Harrison ordered the arrest of the defendants following their failure to appear for their arraignment.
The judge directed that the arrest warrant be executed against the principal officers of the defendant companies.
She adjourned until February 24, 2025, for arraignment.
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