A dramatic incident allegedly occurred in a dramatic incident, with a group of security agencies allegedly attacking the headquarters of Access Bank Plc on Wednesday morning to enforce bench warrants issued by the Lagos High Court to arrest the Bolaji Agbede, the bank’s CEO and managing director, and other senior officials.
The warrant issued, the defendants allegedly failed to appear in court, the case involved an order involving a serious suspected conspiracy, theft and attempted theft.
The court order issued by Judge Ibironke Harrison of the Lagos High Court follows a series of legal issues arising from allegations of fraudulent based on property documents. Specifically, the case revolves around the conversion of the title document of MOB Integrated Services Limited to involve access to complex loan arrangements for banks and other parties.
The allegations stem from a loan agreement in which Balmoral International Limited and its managing director Adejare Adegbenro received a Dutch-language loan of 333 million from Diamond Bank, now Access Bank. As part of the loan terms, Mob Integrated Services Limited offers its property as collateral on 40B Bourdions Road in Ikoyi. However, without the knowledge or consent of the Mob Integrated Services, Access Bank continues to provide additional facilities to Balmoral International, ultimately including the property as collateral for a separate, unrelated N100 million guild credit line.
The use of the property allegedly led to legal action, and despite proper services, officials including Bolaji Agbede and their officials allegedly failed to appear in court for the January 20 trial. The failure prompted the court to issue a replacement order, which led to police operations at Access Bank headquarters on Wednesday.
The police, led by the Assistant Chief of Police, arrived at the bank’s headquarters at noon on February 5, 2025, but were told the CEO was at the meeting, and the company secretary was in London. After interacting with legal officials at the bank, police were assured that the defendant would appear at the next scheduled hearing, scheduled for February 24, 2025.
The Lagos State Government filed four charges against the bank, its CEO and other participants, including Adejare Adegbenro. The allegations stem from alleged fraudulent actions involving unauthorized use of MOB Integrated Services’ property and obvious attempts to conceal the fraudulent conversion of the property.
Case, LD/24884C/2024 – The case of Lagos v. Adejare Adegbenro & Ors will be filed on February 24, 2025 as prosecutors continue to investigate illegal transactions.
This high-profile case highlights the ongoing struggle for financial fraud and misconduct in Nigeria’s banking sector, and authorities remain vigilant to ensure those in charge face justice.
