Access Bank CEO And Top Officials Face Arrest Over Fraud

In a stunning turn of events, a team of security forces reportedly raided Access Bank Plc’s offices on Wednesday morning to carry out a Bench Warrant issued by the Lagos High Court for the arrest of the bank’s CEO and Managing Director, Bolaji Agbede, and other top personnel.

The arrest warrant was issued after the accused reportedly failed to appear in court as scheduled in connection with a case containing serious charges of suspected conspiracy, theft, and attempted theft.

The court judgment, issued by Justice Ibironke Harrison of the Lagos High Court, came after a series of legal challenges arising from charges of fraudulent conversion of property documents. The lawsuit focuses on the conversion of title documents from MOB Integrated Services Limited in a complex credit arrangement including Access Bank and other parties.

The accusations derive from a loan deal under 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 terms, MOB Integrated Services Limited pledged their property at 40B Bourdillion Road, Ikoyi as collateral. However, without the knowledge or agreement of MOB Integrated Services, Access Bank continued to grant more facilities to Balmoral International, eventually using the property as collateral for a separate, unrelated N1 billion credit line.

The alleged usage of the property prompted legal proceedings, and despite being served, Access Bank and its officials, including Bolaji Agbede, allegedly failed to appear in court on January 20th. This failure forced the court to issue a Bench Warrant, resulting in Wednesday’s police raid at Access Bank’s headquarters.

The police, led by an Assistant Commissioner of Police, reportedly arrived at the bank’s offices at noon on February 5, 2025, but were informed that the CEO was attending a meeting and the Company Secretary was in London. After speaking with the bank’s legal officers, the police were assured that the defendants would present at the next hearing, planned for February 24, 2025.

The Lagos State Government filed a four-count accusation against the bank, its CEO, and others involved, including Adejare Adegbenro. The allegations come from claimed fraudulent conduct, including the illegal use of MOB Integrated Services’ property and an apparent attempt to conceal the fraudulent conversion of the property.

The case, LD/24884C/2024 – The State of Lagos v. Adejare Adegbenro & Ors, is scheduled for arraignment on February 24, 2025, while prosecutors continue their investigation into the criminal activities.

This high-profile case shows the ongoing fight against financial fraud and wrongdoing in Nigeria’s banking system, and authorities remain watchful in bringing those responsible to court.

Access Bank’s CEO and top officials face arrest following a court ruling over a loan scheme. Access Bank’s CEO and key executives face arrest following a court ruling over a loan scheme.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli