A Lagos State High Court has ordered the arrest of Bolaji Agbede, the acting Managing Director of Access Bank, after he was accused of using a property owned by Musiliu Obanikoro’s family in Lagos as collateral for a loan without their consent.

The court documents reveal that in 2019, Access Bank approved a N1 billion loan for DDSS International Company Limited, using a property at Plot 40b, Bourdillon Road, Ikoyi, owned by MOB Integrated Services, as security. However, the owner of the property did not give permission for this.

This property had already been used as collateral in 2013 for a smaller loan to Balmoral International Limited, which was repaid. But instead of returning the property, Access Bank allegedly used it again to back the N1 billion loan to DDSS International, even though they had no authorization from the owner.

This led to accusations of conspiracy, stealing, and attempted theft against Agbede and others involved. The charges claim they used Obanikoro’s family property without permission, which resulted in the unauthorized loan.

The case involves several parties, including Agbede, Balmoral International Limited, and DDSS International. The Lagos State Government has filed charges, and the defendants have been accused of attempting to steal the property.

Because the accused did not show up for their court appearance, the judge issued an arrest warrant for them. The case has been adjourned to February 24, 2025, for further proceedings.

This case brings attention to the importance of proper property authorization in financial transactions and the potential consequences of such legal disputes.