Justice Ibironke Harrison, a judge at the Lagos State High Court, has ordered the arrest of Bolaji Agbede, the acting managing director of Access Bank PLC, alongside three other individuals, in connection with an alleged fraud totaling N1.356 billion. The charges include conspiracy, obtaining by false pretence, and stealing, and are related to an incident from 2013.
The case revolves around the defendants allegedly using the property of MOB Integrated Services as collateral for a loan without proper consent. The property, located at Plot 40b, Bourdillon Road, Ikoyi, is owned by Gbolahan Obanikoro, the son of former Minister of State for Defence, Senator Musiliu Obanikoro. Access Bank is accused of granting a N1 billion credit facility to DDSS International Company Limited with the stolen property as security.
Despite the significance of the charges, Agbede and the other defendants failed to appear in court on the scheduled date, leading to the arrest order. The other defendants involved in the case are Balmoral International Limited, DDSS International Company Limited, and Adejare Adegbenro.
The charges, as outlined in the case documents, involve conspiracy to commit theft, attempted stealing, and the illegal use of property as security for loans. The court has scheduled the next hearing for February 24, 2025, to continue the proceedings.
This case highlights serious concerns regarding corporate governance and financial practices, with the involvement of a major financial institution like Access Bank. The arrest order underscores the severity of the accusations and the need for accountability in financial dealings.
If convicted, the accused could face serious consequences under Nigerian criminal law, which includes penalties for fraud, stealing, and conspiracy.
