Access Bank CEO and Top Officials Face Arrest After Court Order Over Fraudulent Loan Scheme

In a dramatic turn of events, a team of security agencies stormed the headquarters of Access Bank Plc on Wednesday morning to execute a Bench Warrant issued by the Lagos High Court for the arrest of the bank’s CEO and Managing Director, Bolaji Agbede, and other senior officials. The arrest order came after the accused failed to appear in court as ordered in relation to a case involving serious charges of conspiracy, stealing, and attempted theft.

The court order, handed down by Justice Ibironke Harrison of the Lagos High Court, followed a string of legal issues stemming from allegations of fraudulent conversion of property documents. Specifically, the case revolves around the conversion of title documents from MOB Integrated Services Limited in a complex loan arrangement involving Access Bank and other parties.

The charges stem from a loan agreement in which Balmoral International Limited and its managing director, Adejare Adegbenro, received a N333 million loan from Diamond Bank (now Access Bank). As part of the loan conditions, MOB Integrated Services Limited offered their property at 40B Bourdillion Road, Ikoyi as collateral. However, without the knowledge or consent of MOB Integrated Services, Access Bank continued to provide additional facilities to Balmoral International, ultimately including the property as collateral for a separate, unrelated N1 billion credit facility.

The fraudulent use of the property led to legal actions, and despite being duly served, Access Bank and its officials, including Bolaji Agbede, failed to appear in court for the January 20th arraignment. This failure prompted the court to issue a Bench Warrant, which led to Wednesday’s police operation at Access Bank’s headquarters.

The police, led by an Assistant Commissioner of Police, arrived at the bank’s headquarters at noon on February 5, 2025, but were told that the CEO was in a meeting, and the Company Secretary was in London. After engaging with the bank’s legal officers, the police were assured that the defendants would appear at the next scheduled hearing, set for February 24, 2025.

The Lagos State government filed a four-count charge against the bank, its CEO, and other individuals involved, including Adejare Adegbenro. The charges stem from fraudulent actions involving the unauthorized use of MOB Integrated Services’ property and an apparent attempt to cover up the fraudulent conversion of the property.

The case, LD/24884C/2024 – The State of Lagos v. Adejare Adegbenro & Ors, is set for arraignment on February 24, 2025, as prosecutors continue to investigate the illegal dealings.

This high-profile case highlights the ongoing battle against financial fraud and misconduct in Nigeria’s banking sector, and authorities remain vigilant in ensuring that those responsible face justice.

Following the court order and issuance of warrant of arrest of Access Bank Group CEO and MD by Justice Ibironke Harrison of the Lagos High Court, sitting at Tafa Balewa Square of the accused after they failed to appear in court.

A team of security agencies stormed Access Bank Head Quarters Wednesday morning to carry out the arrest order for the execution of the Bench Warrant as ordered by the Court. For the reason of their failure to appear in Court. The Court ordered that a Bench warrant to be issued for the arrest of the Access Bank’s MB, Bolaji Agbede,Roosevelt Ogbonna and the Bank’s Principal officers.

At about 12 O’clock on the afternoon of 5th February, 2025, an Assistant Commissioner of Police led a squad of the Nigerian Police Force to the Head Office of Access Bank Plc to execute the Warrant of Arrest against the MD, the Chief Legal Officer, and Company Secretary of Access Bank and all other principal officers against whom the warrant was issued pursuant to the direction of Honourable Justice Harrison of the High Court of Lagos State in CHARGE: LD/24884C/2024- THE STATE OF LAGOS V. ADEJARE ADEGBENRO & ORS.

Upon arrival at the Access Bank, the Police were informed that the MD was in a meeting upstairs. However, subsequently, the Legal Officer insisted that the MD was not available. The Company Secretary was in London.

After engagement with the Police, the Legal Officers of Access Bank accompanied the Police to their Station at Alagbon and undertook that the Defendants against whom the warrant of arrest was issued would be available at the next hearing, coming up on 24th February, 2025.

It’s important to note that defendants were duly served but refused to honour the court’s summons,” prosecutor Uthman Rilwan informed the court.

The charges include conspiracy, stealing, and attempted theft.

The case has been adjourned to February 24, 2025, for arraignment.

Following a formal complaint, the Lagos State Government filed a four-count charge against Access Bank, its Managing Director, Bolaji Agbede, and other parties, including Balmoral’s Managing Director, Adejare Adegbenro

It was a case of fraudulent conversion of title documents of MOB Integrated Services Limited. Mr. Adejare Adegbenro and Balmoral International Limited applied for a loan from Diamond Bank Plc (now Access Bank). Diamond Bank offered them a loan of N333,139,000 (Three Hundred and Thirty-Three Million, One Hundred and Thirty-Nine Thousand Naira) but as a condition for drawdown, a Third-Party Legal Mortgage was required. MOB Integrated Services Limited provided a Mortgage over its property at No. 40B Bourdillion Road, Ikoyi, Lagos as security for the loan.

Unfortunately, Diamond Bank continued to grant further facilities to Balmoral International Limited and Adejare Adegbenro without the knowledge or consent of MOB Integrated Services Limited. Another critical issue was that Balmoral International Limited’s Account Statement showed that the Money had been fully repaid to Access Bank Plc.

However, there was another separate transaction for a credit facility of N1,000,000,000.00 (One Billion Naira) with another and unrelated Company named DDSS International Limited, also owned by Mr. Adejare Adegbenro.

There was no agreement between MOB Integrated Services Limited and Access Bank Plc or DDSS International Limited to use the property of MOB as collateral for this credit facility. Yet, without the consent of the management of MOB, the property at No. 40B Bourdillion Road, Ikoyi, Lagos was stated in the Offer to DDSS as security for the loan.

It was on this basis that a report was made to the Police and the State of Lagos commenced a criminal prosecution of all the persons involved. The Charge sheet was served on Access Bank Plc on 10th December, 2024 and it was informed that the matter was coming up for arraignment on 20th January, 2025. However, Access Bank and its Directors were not in Court to take their plea.