How Police Stormed Access Bank Over N1bn Loan Dispute Linked To Obanikoro
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The ongoing legal battle involving Access Bank and Obanikoro has taken a dramatic turn following reports of intensified enforcement actions by security agencies.
On Wednesday, February 5, 2025, a team of security operatives stormed Access Bank’s headquarters in Lagos to execute a court-ordered Bench Warrant against top executives of the bank.
Footage and images from the operation have surfaced, capturing tense moments between security officials and Access Bank representatives. In one of the videos, a man identified as a Legal Officer of Access Bank is seen engaging with prosecutors. The officer reportedly claimed that both the Chief Executive Officer, Bolaji Agbede, and the Managing Director, Roosevelt Ogbonna, were unavailable, while the Company Secretary was said to be in London.
Following discussions with law enforcement officers, Access Bank’s legal representatives reportedly accompanied the police to the Alagbon Police Station. There, they allegedly undertook to ensure that the executives named in the Bench Warrant would be present at the next court hearing scheduled for February 24, 2025.
The legal dispute originates from a loan agreement in which Balmoral International Limited and its Managing Director, Adejare Adegbenro, secured a N333 million facility from the now-defunct Diamond Bank, which has since merged with Access Bank. As part of the loan terms, MOB Integrated Services Limited allegedly provided its property at 40B Bourdillon Road, Ikoyi, as collateral.
However, it is alleged that Access Bank continued to extend additional credit facilities to Balmoral International without the knowledge or consent of MOB Integrated Services. This reportedly included using the same property as collateral for an unrelated N1 billion loan facility, sparking legal action.
The court issued a Bench Warrant after Access Bank officials allegedly failed to appear for an arraignment scheduled on January 20, 2025. This non-compliance prompted the police operation at Access Bank’s headquarters.
As the case unfolds, all eyes will be on the February 24 hearing, which is expected to shed more light on the allegations and determine the next steps in this high-stakes legal battle.
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