A Lagos State High Court has issued an arrest warrant for Access Bank’s acting Managing Director, Bolaji Agbede, over allegations of financial misconduct.
The case revolves around a controversial loan of N1 billion granted to DDSS International Company Limited. 
Allegedly, the loan was secured using a property belonging to the Musiliu Obanikoro family without their consent, raising questions about transparency in the bank’s operations.
According to court documents, the property in question, located at Plot 40b, Bourdillon Road, Ikoyi, Lagos, belongs to MOB Integrated Services, a business owned by the Obanikoro family.
Initially, the property had been used legitimately to secure a loan of N193,139,200 for Balmoral International Limited in 2013, which was repaid within the agreed 180-day term at an interest rate of 20% per annum.
However, the controversy emerged when Access Bank allegedly used the same property as collateral for another loan of N1 billion in May 2019, this time without the owner’s authorization.
Justice Ibironke Harrison, presiding over the case at the Lagos State High Court, ordered the arrest of the defendants for failing to appear for arraignment.
The defendants include Bolaji Agbede, the Managing Director of Balmoral International Limited, Adejare Adegbenro, as well as the companies involved—Balmoral International Limited, DDSS International Company Limited, and Access Bank.
The charges brought against them include conspiracy, stealing, and attempted theft.
A section of the charge reads: “Adejare Adgbenro (m), Balmoral International Limited, Access Bank and Bolaji Agbede (m) on or about the 24th Day of September 2013… conspired to commit a felony to wit: Stealing.”
Furthermore, the prosecution stated that the defendants had “attempted to steal the property of MOB Integrated Services… by offering and granting DDSS International Company Limited a credit facility of N1 billion only.”
In addition to the allegations of unauthorized transactions, the situation highlights the need for greater accountability and transparency in the banking sector.
Justice Harrison emphasized the importance of compliance and fairness in financial dealings, stating that the arrest warrant would be enforced against the principal officers of the defendant companies.
Meanwhile, she adjourned the matter until February 24, 2025, for arraignment.
This case serves as a cautionary tale for financial institutions, reminding them of the importance of ethical practices and proper authorization in their operations to prevent breaches of trust.
