In a dramatic development, security operatives reportedly stormed the headquarters of Access Bank Plc on Wednesday morning to enforce a bench warrant issued by the Lagos High Court for the arrest of the bank’s CEO, Bolaji Agbede, and other senior officials. The arrest order was issued after Agbede and other executives allegedly failed to appear in court for a case involving conspiracy, stealing, and attempted theft.
The case stems from allegations of fraudulent conversion of property documents related to a N333 million loan granted to Balmoral International Limited by Diamond Bank (now Access Bank). As collateral, MOB Integrated Services Limited pledged its property at 40B Bourdillon Road, Ikoyi.
However, without MOB Integrated Services’ knowledge or consent, Access Bank allegedly used the same property to secure an unrelated N1 billion credit facility for Balmoral International. This led to legal action, with MOB Integrated Services accusing the bank of unauthorized use of its property.
Justice Ibironke Harrison of the Lagos High Court had ordered the arraignment of Access Bank officials on January 20, 2025. When they failed to appear, the court issued a bench warrant, prompting Wednesday’s police action. Led by an Assistant Commissioner of Police, officers arrived at the bank’s headquarters at noon on February 5, 2025.
However, they were informed that the CEO was in a meeting and the Company Secretary was in London. After discussions with the bank’s legal team, police received assurances that the accused would appear in court on February 24, 2025. The Lagos State Government has filed a four-count charge against Access Bank, its CEO, and others involved, including Adejare Adegbenro, the managing director of Balmoral International.
The case, LD/24884C/2024 – The State of Lagos v. Adejare Adegbenro & Ors, revolves around fraudulent property dealings and an alleged attempt to cover up the unauthorized use of collateral.
