In a dramatic turn of events, a team of security agencies allegedly 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 allegedly failed to appear in court as ordered in relation to a case involving serious charges of alleged 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 alleged use of the property led to legal actions, and despite being duly served, Access Bank and its officials, including Bolaji Agbede, allegedly 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, reportedly 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 alleged 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.
