Access Bank, executives face criminal charges over alleged N1bn loan fraud
Fresh details have emerged about how Access Bank allegedly granted a clandestine N1 billion loan to DDSS International Company Limited using a property belonging to another company, MOB Integrated Services, without the owner’s consent.
According to insiders, the property—owned by MOB Integrated Services and managed by businessman Gbolahan Obanikoro—was initially used to secure a N193,139,200 loan for Balmoral International Limited from the now-defunct Diamond Bank on May 21, 2013.
The facility included a N120 million term loan and a N20 million import duty facility, with a repayment period of 180 days at an interest rate of 20% per annum. The loan was backed by a third-party legal mortgage on the property at 40B Bourdillon Road, Ikoyi, Lagos.
Despite the full repayment of Balmoral’s loan, Access Bank allegedly used the same collateral to secure another loan for DDSS International in May 2019—this time for N1 billion—without notifying the rightful property owner.
The loan, approved through an offer letter signed by Access Bank officials Bukola Shoyombo and Oreoluwa Roy-Egbokhan, was intended for the financing of luxury car purchases for resale. It carried a 15% annual interest rate and a 60-month repayment period.
However, investigations revealed that the collateral referenced in the loan offer was never legally owned by DDSS International, raising allegations that the bank granted the loan without a valid security.
The issue led to a criminal complaint, prompting the Lagos State Government to file charges against key executives of Access Bank and others. The Managing Director of Access Bank, Bolaji Agbede, alongside Balmoral International Limited’s Managing Director, Adejare Adegbenro, and DDSS International Company Limited, now face prosecution for conspiracy, stealing, and attempted theft.
According to court documents, the defendants conspired to fraudulently use MOB Integrated Services’ property as collateral without authorization. The Lagos State Directorate of Public Prosecutions, represented by Mrs. A. O. Oluwafemi, charged them under Sections 411 and 21 of the Criminal Law of Lagos State, 2015.
The case, currently before Justice Ibironke Harrison of the Lagos State High Court, Tafa Balewa Square, took a dramatic turn when the defendants failed to appear for their scheduled arraignment.
Consequently, Justice Harrison issued an arrest warrant against the accused, directing authorities to ensure their appearance in court.
The matter has been adjourned to February 24, 2025, for arraignment.
