Court orders arrest of bank MD over property theft allegations

A Lagos State High Court has issued an arrest order for Bolaji Agbede, the acting Managing Director of Access Bank, and three co-defendants over property theft and fraud allegations.

Justice Ibironke Harrison authorised the order following charges brought against Agbede, Balmoral International Limited, DDSS International Company Limited, and Adejare Adegbenro.

The allegations concern a property at Plot 40b, Bourdillon Road, Ikoyi, Lagos, owned by Gbolahan Obanikoro, the son of former Minister of State for Defence, Senator Musiliu Obanikoro.

The defendants are accused of conspiracy, obtaining by false pretence, and fraud involving a total of ₦1.356 billion.

According to court filings, the property was allegedly used in 2013 as collateral for a ₦1 billion loan without the owner’s consent.

Justice Harrison’s ruling referenced a four-count charge filed by the Lagos State Directorate of Public Prosecutions.

“The defendants conspired to commit a felony, namely stealing, contrary to Section 411 of the Criminal Law, Laws of Lagos State, 2015,” the charge sheet stated, according to reports.

The document also noted that the property was unlawfully used to secure a loan and later involved in a consent judgment.

Further accusations allege that the defendants attempted to steal the property again in 2019 by offering it as security for another loan of ₦1 billion through DDSS International Company Limited.

Agbede’s absence in court, alongside the other defendants, prompted the judge to issue the arrest warrant.

Justice Harrison has scheduled the next hearing for 24 February 2025.

Bolaji Agbede assumed her current role as acting Managing Director of Access Bank after the tragic death of Herbert Wigwe, the bank’s former CEO, in a helicopter crash in August 2024.

The allegations cast a shadow over Agbede’s leadership, with public attention now focused on the upcoming court proceedings.