New revelations have surfaced on how Access Bank allegedly facilitated a clandestine N1 billion loan to DDSS International Company Limited using a property owned by MOB Integrated Services, run by businessman Gbolahan Obanikoro, as collateral, without the owner’s consent or knowledge.
Insiders disclosed that the disputed property, located at 40B Bourdillion Road, Ikoyi, Lagos, was initially used to guarantee a N193 million loan to Balmoral International Limited in 2013 from the now-defunct Diamond Bank. The loan, which included a N120 million term loan and a N20 million import duty facility, was fully repaid, yet the bank allegedly re-used the same collateral years later for a much larger loan.
On May 16, 2019, Access Bank, through Bukola Shoyombo and Oreoluwa Roy-Egbokhan, approved the #1 billion facility to DDSS International for financing luxury car purchases. The 60-month loan carried a 15% annual interest rate, but the collateral used MOB Integrated’s property was neither owned by DDSS International nor approved by its rightful owner.
Legal action followed when the Lagos State Government filed criminal charges against Access Bank’s Managing Director, Bolaji Agbede, alongside Balmoral International’s Adejare Adegbenro, DDSS International, and others. The four-count charge, pending before Justice Ibironke Harrison of the Lagos State High Court, includes allegations of conspiracy, stealing, and attempted theft under the Criminal Law of Lagos State, 2015.
Prosecution counsel Uthman Rilwan informed the court that the defendants had been duly notified but failed to appear. In response, Justice Harrison issued a bench warrant for their immediate arrest, directing law enforcement to execute the order against the principal officers of the implicated companies. The case is now set for arraignment on February 24, 2025.
This Access Bank Issue has raised serious concerns over corporate governance in Nigeria’s banking sector, with industry observers calling for greater accountability and regulatory scrutiny to prevent financial institutions from engaging in similar practices.
Souces: The Cable
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