By Abiola Olawale
Access Bank is currently grappling with issues after allegations of a contentious N1 billion loan, allegedly involving entities and individuals failed to cool off.
It was gathered that the controversy has raised serious questions about the bank’s lending ethical practices and procedures, triggering growing concerns about the tidiness, acuity of the organization
This is as Access Bank is said to be facing allegations of using a property owned by MOB Integrated Services as collateral for a N1 billion loan without obtaining the necessary consent from the property’s actual owner.
According to the details of the allegations, the property in question was allegedly owned by Gbolahan Obanikoro, son of Senator Musiliu Obanikoro and it was first reportedly used to secure a loan for Balmoral International Limited from Diamond Bank (now acquired by Access Bank).
After the initial loan was settled, the same property was allegedly used again as collateral for a new loan granted to DDSS International Company Limited , allegedly without the knowledge or consent of Obanikoro.
In another twist , the police and Court are set to arraign Adegbenro, Obanikoro on February 27 for allegedly obtaining money by false pretences, conspiracy and engaging in fraudulent act amounting to about N1.3bn.
The presiding judge, Justice Ambrose Lewis-Allagoa of the federal High Court, Lagos has fixed February 27 for the arraignment of Obanikoro, Adegbenro and four others for allegedly obtaining money conspiracy and obtaining money by false pretences.
The defendants were the Managing Director of Balmoral International Limited, Adejare Adegbenro; Balmoral International Limited, Access Bank, Bolaji Agbede and DDSS International Company Limited.
The charge read: “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 stated that 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.
Recall that the crisis had escalated following the decision of the Lagos State High Court to grant an order to arrest the bank’s Acting Managing Director, Bolaji Agbede.
The then Presiding Judge, Justice Ibironke Harrison, also ordered the arrest of those on the Board of Balmoral International Limited, DDSS International Company Limited, and Adejare Adegbenro, specifically who are the key promoters of the above entities for allegedly failing to appear for arraignment in Court.
Justice Harrison issued the arrest warrant after the Lagos State prosecution counsel, Uthman̈ Rilwan informed the court that he had served the defendants with notice to appear in court, but they failed to attend the arraignment.
In light of the circumstances presented during the proceedings, Justice Harrison took decisive action by issuing a bench warrant targeting the second to fifth defendants, which include Balmoral International Limited, Adejare Adegbenro, Access Bank, Bolaji Agbede, and DDSS International Company Limited.
The judge emphasized that this bench warrant should be executed against the principal officers associated with these entities. Furthermore, the case has been adjourned, with a new date set for February 24, 2025, when the defendants are expected to be formally arraigned in court.
Recall that Adejare Adegbenro, a paternal grandson of Chief Dauda Adegbenro, former premier of old Western Region as well as maternal grandson of late Pa Alfred Rewane, a pro-democracy fighter during late Gen Abacha’s dictatorship, has been enmeshed in a financial crisis since last year when he and his associated company, Balmoral were dragged to court over an alleged N2bn debt.
Adejare Adegbenro is the Acting DG of the National Commission Against Proliferation of Arms, light weapons and pipeline Vandalism(NATCOM)
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