A bombshell revelation has surfaced, implicating Access Bank in an alleged fraudulent scheme where the bank secretly granted a N1 billion loan to DDSS International Company Limited using property that did not belong to them. The property, owned by MOB Integrated Services, was used as collateral without the owner’s knowledge or consent, sources claim.

This story begins with a loan issued in 2013. MOB Integrated Services’ property at 40B Bourdillion Road, Ikoyi, Lagos, was first used to secure a N193 million loan to Balmoral International Limited from the now-defunct Diamond Bank. The loan included a N120 million term loan and N20 million import duty facility, with a 180-day term at 20% interest.

However, after Balmoral repaid the loan in full, the property was again used as collateral—this time, without the knowledge of its rightful owner. Access Bank, which later took over the asset, issued a N1 billion loan to DDSS International in May 2019, claiming that the property was already a third-party legal mortgage and that all necessary paperwork had been completed. The purpose of this loan was to help DDSS International finance the purchase of luxury vehicles for resale.

What followed was a string of allegations. Insiders revealed that the loan was granted despite the bank knowing the collateral did not belong to DDSS International. The property was not theirs to pledge, raising suspicions of fraud.

The case has since escalated to the courts. A complaint of theft led the Lagos State Government to charge Access Bank’s Managing Director, Bolaji Agbede, and others for conspiracy and attempted theft. The case, involving charges related to the unauthorized use of MOB Integrated Services’ property as collateral, is currently pending before Justice Ibironke Harrison at the Lagos State High Court.

Despite being served with a notice to appear in court, the accused individuals failed to show up, prompting the judge to issue arrest warrants. The next hearing is scheduled for February 24, 2025, with a full arraignment expected.

This case raises serious questions about financial integrity and the protection of property rights, and it will likely have long-lasting implications for the involved parties.