In an unexpected turn of events, security agents allegedly broke into Access Bank Plc's offices on Wednesday in an attempt to arrest Bolaji Agbede, the CEO, together with other top personnel.
After the accused reportedly failed to show up in court on a case involving conspiracy, theft, and false conversion of property papers, this action proceeded under a Bench Warrant issued by the Lagos High Court.
The case centres on a N333 million loan given to Balmoral International Limited by Diamond Bank (now Access Bank). MOB Integrated Services Limited supplied its property on Bourdillon Road, Ikoyi, as collateral as part of the loan agreement.
But Access Bank allegedly gave Balmoral further credit without MOB's permission, then used the same land to acquire a completely other N1 billion deal. Legal actions were started after MOB Integrated Services found illegal usage of its property. Executives of Access Bank, including CEO Bolaji Agbede, apparently neglected to show up in court on January 20, 2025 even after being summons.
Justice Ibironke Harrison of the Lagos High Court then issued a Bench Warrant for their detention. Following court orders, law enforcement agents headed under Assistant Commissioner of Police came at Access Bank's headquarters on February 5.
They were advised, nevertheless, that the Company Secretary was allegedly in London while the CEO was in a conference. After talks with the legal staff of the bank, the police approved guarantees that the defendants would show up for the February 24, 2025 court session.
Four counts have been brought by the Lagos State government against Balmoral International Managing Director Adejare Adegbenro among other bank executives. Referenced as LD/24884C/2024, the lawsuit emphasises claimed dishonest behaviour and collateral usage without appropriate permission.
Authorities are under pressure to guarantee openness and responsibility as financial crimes continue to be a cause of concern in Nigerian banking. As prosecutors pursue justice in this well-publicized case, the forthcoming court session will be much observed.
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