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Obanikoro vs Access Bank: Lagos court orders arrest of Access Bank MD

. As police plan federal high court arraignment of politician’s son

A Lagos State High Court judge, Justice Ibironke Harrison, has ordered the arrest of Access Bank’s acting Managing Director, Ms Bolaji Agbede, and three other defendants.

The judge made the order when the defendants, including Balmoral International Limited, DDSS International Company Limited and Adejare Adegbenro, accused of conspiracy, obtaining by false pretence and fraud totalling N1.356 billion failed to show up in court.

The allegations stem from a 2013 incident where the defendants allegedly used MOB Integrated Services’ property as loan security without consent. The property, located at Plot 40b, Bourdillon Road, Ikoyi, belongs to a company owned by Gbolahan Obanikoro, son of former Minister of State for Defence, Senator Musiliu Obanikoro.

Access Bank is accused of allegedly attempting to steal the same property by granting a N1 billion credit facility to DDSS International Company Limited.

The court has scheduled the next hearing for February 24, 2025.

Police to arraign Obanikoro’s son, others Feb 27

Meanwhile, the Federal High Court in Lagos has fixed February 27, 2025, for the arraignment of Gbolahan Obanikoro, the son of Senator Musiliu Obanikoro, and four others for alleged N1,356,057,330.43 fraud – the same matter in the Lagos High Court.

Gbolahan Obanikoro Source: The Punch

The police on Friday informed the court of plans to arraign Adejare Adegbenro, Balmoral International Limited, M.O.B. Integrated Limited, and DDSS International Company Limited alongside Gbolahan Obanikoro.

READ ALSO: Fraudsters steal N5.5bn from Access Bank, financial institution faces another N29bn loss

They are facing five-count charge bordering on conspiracy, obtaining by false pretenses, false representation and fraud.

Justice Ambrose Lewis-Allagoa set the date after the defendants failed to appear for their scheduled arraignment.

On Friday, the prosecution counsel, Mr Momoh Bello, told the court that the matter was scheduled for the arraignment of the defendants, urging the court to issue a bench warrant against them as they had all been served.

But counsel for the fourth defendant, M.O.B. Integrated Limited,  Mr Joshua Abel, opposed the bench warrant prayer, informing the court that most of the defendants – who are directors – were not in Nigeria at that material time.

“I have not had the opportunity to go through the case before the directors can be arraigned,” he said.

Justice Lewis-Allagoa then then asked the prosecutor to provide proof of service and date of service.

“I want proof of service and the date of service. The record of this court shows that service was effected on the third and fourth defendants. It’s less than 48 hours that they have been served – one of them was served yesterday. The first and second defendants are natural persons and there is no proof of service on them,” the judge said.

READ ALSO: Access Bank grants loans to associates at 8% interest rate, charges customers 28%

“The law says personal service. You can go and regularise service on the defendants. There is no proof that the first and second defendants have been served. However, there is proof that the third and fourth defendants have been served. The prosecution is directed to serve the first and second defendants,” the judge ruled and then adjourned till February 27, 2025, for the arraignment of all the defendants.”

The issue

The police, through the Special Fraud Unit in Ikoyi, Lagos, allege that the defendants and others at large conspired amongst themselves between May and September 2013 to fraudulently obtain the sum of N1,356,057,330.43 from Access Bank Plc (formerly Diamond Bank).

The police allege that they deceived the bank’s staff and officers, claiming they were involved in the business of importing cars from Dubai for sale in Nigeria and that the money was needed to fund the importation of a set of brand-new cars for resale.

READ ALSO: Zenith Bank directors pocket N6.8bn in 15 months

The police claim that the accused unlawfully converted the sum of N1 billion belonging to the bank for personal use.

The police argue that the act contravened Section 8(i)(a) and punishable under Section 1(3), 1(i)(a) of the Advance Fee Fraud and Other Fraud-Related Offenses Act, No. 14 of 2006, and Section 18(2)(b) and (d) and 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

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