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Obanikoro Accuses Access Bank of Using His Property as Collateral for N1bn Loan without His Consent.

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1 month ago

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New facts have emerged on how Access Bank clandestinely granted N1 billion loan to a going concern, DDSS International Company limited, using a property belonging to another company, MOB Integrated Services, run by Gbolahan Obanikoro, as collateral without the owner’s consent or knowledge.

 

Details of the loan provided by insiders, revealed that the property, owned by MOB Integrated Services, was first used to guarantee a loan of N193,139,200 to Balmoral International Limited on May 21, 2013, from the now acquired Diamond Bank.

 

The credit facilities, referenced AOB/BB/VO/AD/031/05/2013, also included N120 million term loan and N20 million import duty facility.

 

 

The term of the loan was 180 days from the date of disbursement at 20 per cent per annum, while a third-party legal mortgage on the property located at 40B Bourdillion Road, Ikoyi, Lagos, was used as security.

 

However, long after Balmoral had repaid and serviced the loan, the bank, without recourse to the property owner, used the same collateral for another loan, completely unknown to the property owner.

 

The loan of N1 billion was granted to DDSS International Company Limited via an offer letter of May 16, 2019, using the same property as security.

 

 

The letter was signed by Bukola Shoyombo, a Relationship Officer in Access Bank Business Banking Division, and Oreoluwa Roy-Egbokhan, a Relationship Manager.

 

The purpose was to enable DDSS International finance the purchase of different brands of cars and luxury vehicles for sale to individuals and corporate organisations.

 

The tenor of the loan was for 60 months at 15 per cent interest per annum, subject to review based on prevailing market conditions.

 

 

The bank claimed that the collateral was a “comprehensive third-party legal mortgage on property located at 40B Bourdillion Road, Ikoyi. The property is currently with the bank and perfection has been concluded,” the bank claimed in the offer letter.

 

The implication, the insider, explained, was that the bank granted DDSS International the loan without collateral, because the property was not theirs and the owner had no relationship whatsoever with the company.

 

 

A complaint of stealing was later filed against the bank and others, following which the Lagos State Government filed charges against the Managing Director, Bolaji Agbede, and three others.

 

In the four-count charge pending before Justice Ibironke Harrison of the Lagos State High Court, sitting in Tafa Balewa Square, the Director, Directorate of Public Prosecutions, Mrs A. O. Oluwafemi, accused the bank and others of conspiracy, stealing, and attempted theft.

 

The defendants were the Managing Director of Balmoral International Limited, Adejare Adegbenro; Balmoral International Limited, Access Bank, Bolaji Agbede and DDSS International Company Limited.

 

 

The charge read: “Count 1: Conspiracy to Commit a felony to wit: stealing contrary to Section 411 of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015.

 

“Particulars of Offence: Adejare Adgbenro (m), Balmoral International Limited, Access Bank and Bolaji Agbede (m) on or about the 24th Day of September 2013 at Plot 1261, Adeota Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, conspired to commit a felony to wit: Stealing.”

 

The charge stated that they conspired and “stole the property of MOB Integrated Services at Plot 40b, Bourdillion Road, Ikoyi, Lagos, by using it as a security for a loan without his consent and subsequently entering into a consent judgment.”

 

 

The defendants were also charged with attempted stealing, contrary to Section 21 of the Criminal Law of Lagos State, 2015.

 

The prosecution said the defendants, on or about May 26, 2019, at Plot 1262, Adeola Hopewell Street, Victoria Island, Lagos State, in the Lagos Judicial Division, “attempted to steal the property of MOB Integrated Services at Plot 40B, Bourdillion Road, Ikoyi, Lagos by offering and granting DDSS International Company Limited a credit facility of N1billion only.”

 

However, following the defendants’ failure to appear for their arraignment, Justice Harrison ordered their arrest.

 

 

The judge issued the arrest warrant after prosecution counsel, Uthman Rilwan, informed the court that despite being served with a notice, the defendants failed to appear.

 

After issuing the warrant, the judge directed that it be executed against the principal officers of the defendant companies.

 

 

She adjourned until February 24, 2025, for arraignment.

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Tingo AI Radio: The First and Only AI Radio in Africa

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13 hours ago

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March 3, 2025

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Tingo AI Radio, Africa’s first and only AI-powered radio station, was thrilled to welcome students from CrystalCliff School at A4 Greenhaven Estate, Alatunse Town, Lagos to an exclusive Tingo AI School Meet and Greet. This groundbreaking initiative aims to introduce young minds to the vast opportunities artificial intelligence offers and how they can be part of this technological revolution.

 

During the visit, students experienced the power of AI-driven broadcasting firsthand through live demonstrations and interactive discussions. Victor Simeon, an enthusiastic student, expressed his amazement: “I had no idea AI could do all this! This visit has inspired me to learn more about technology and maybe even create something that can change the world.”

From live AI broadcasting to cutting-edge automation, these students witnessed the future of media unfold before their eyes. At Tingo AI, we’re not just creating technology—we’re shaping the future. Stay tuned as we continue to lead Africa’s AI revolution!

 

Together, we are shaping Africa’s tech-driven future, and today’s students are the pioneers of tomorrow! #TingoAI #AIInnovation #FutureLeaders #ArtificialIntelligence #TechRevolution

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AGII.NG Sets to Revolutionized E-Commerce and Service Delivery in Nigeria 

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16 hours ago

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March 3, 2025

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Agii.ng, Nigeria’s premier e-commerce and technology platform with three strategic product directions, Product Sales, Services and Ride, is set to transform how individuals and businesses connect with trusted service providers and vendors nationwide.

 

The platform is designed for efficiency, convenience, and trust, agii.ng simplifies access to skilled artisans, reliable professionals, and reputable manufacturers, all at the click of a button. The Nigeria-oriented cum originated e-commerce’s cutting-edge location technology enables users to find service providers within 10 meters of their location anywhere in the country, ensuring faster response times, reduced costs, and personalized services.

 

This hyperlocal approach translates to faster response times, reduced costs, and personalized services, ensuring customers receive prompt and efficient solutions tailored to their needs. With seamless Google Maps integration, users can quickly locate and navigate to vendors, whether they prefer online transactions or in-person engagements. The platform’s user-friendly design further enhances the experience, allowing effortless searches, comparisons, and selections of the best service providers.

 

UNMATCHED BENEFITS FOR USERS

 

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The exciting part of the platform is its affordability, you can promote your service for only N 30 naira per day, which amounts to N 900 naira per month, N5,400 naira for six months, and N10,800 naira for one year.

 

WHO CAN USE APP?

 

The platform is designed for sellers and service providers, including drivers, plumbers, electricians, carpenters, cleaners, housekeepers, and various other types of services and skilled professionals. Agii.ng offers vendors a powerful marketing tool to enhance brand visibility, credibility, and customer engagement.

 

Agii.ng’s mission is to bridge the gap between service providers and customers. Its vision is to be Nigeria’s leading e-commerce platform for seamless connections, empowering businesses while enhancing customer experiences with agii. You have just discovered the future of seamless, location-driven e-commerce in Nigeria. Whether you’re searching for a skilled professional or looking to grow your business, agii.ng is your ultimate destination.

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Flight Disruptions Due to Multiple Bird Strikes – Your Safety Comes First

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4 days ago

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February 28, 2025

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Air Peace regrets to inform the flying public of an unexpected disruption to our flight operations caused by multiple bird strike incidents affecting three of our aircraft within the last 24 hours.

The first incident happened yesterday, necessitating an air return. Additionally, earlier today, two of our aircraft also suffered bird strike incidents, resulting in the grounding of the affected aircraft for safety checks and necessary maintenance.

As a safety-conscious airline, Air Peace prioritizes the well-being of our passengers and crew above all else. In line with our strict safety protocols, we have immediately commenced the requisite inspections and maintenance procedures to ensure that the aircraft meet the highest safety standards before returning to service.

We sincerely apologize to our esteemed customers for the inconvenience these disruptions may cause to their travel plans. While we work to resolve the situation as swiftly as possible, we kindly seek your patience and understanding. Our team is actively reaching out to affected passengers to provide necessary assistance, including rescheduling and alternative travel arrangements where possible.

Please rest assured that every decision we make is with your safety in mind. We appreciate your trust in Air Peace and thank you for standing with us.

Air Peace remains committed to providing safe, seamless, and efficient flight services. We appreciate your cooperation and understanding as we navigate this unexpected situation.

For more information on flight schedules or any other customer concerns, please reach out to us at callcenter@flyairpeace.com. or visit our website and social media channels for updates.

Thank you for your continued trust in Air Peace.

Signed,

Dr. Ejike Ndiulo

Head of Corporate Communications

Air Peace Limited

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