Banking and Finance
N1bn Loan Scandal: Obanikoro Accuses Access Bank Of Unauthorized Use Of Property

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.
-Culled from Thisday.
Banking and Finance
Union Bank’s Edu360 Initiative Fuels Future Stars at Greensprings Football Academy

Photo caption:L-R: Bukola Ayeni, Lead External Communications, Union Bank of Nigeria; West Bromwich Albion Football Club coaches; Mrs Lai Koiki, Founder and CEO, Greensprings School and participants of the 11th Greensprings Football Camp sponsored by Union Bank of Nigeria under its Edu360 initiative at the school’s Awoyaya campus in Lekki, Lagos recently.
Lagos, Nigeria – Union Bank has again demonstrated its commitment to youth development and quality education by sponsoring the 11th edition of the Greensprings Football Academy. The five-day training camp, held from April 13 to April 17, 2025, at the School’s Lekki campus, catered to children aged 5 to 17. Participants received expert coaching from top international coaches affiliated with the West Bromwich Albion Football Club, Dutch Football Association and the English Football League (EFL), alongside support from coaches from the Lagos State Football Association and Nigerian football legend Victor Ikpeba, “The Prince of Monaco.”
The closing ceremony, held on April 17, 2025, was graced by notable guests from the football community, including Lagos State FA Chairman Laimeed Gafar with Samuel Jake Whitmore, Jordan Hall and Owen Jones, West Bromwich Albion coaches.
During the closing ceremony, Bukola Ayeni, Lead External Communications, Union Bank of Nigeria, stated, “Union Bank is a sponsor in the Greenspring Football Academy under our Edu360 initiative, which aligns with one of our core values of being Community Focused. Edu360 is the Bank’s initiative to promote quality education, whether formal or informal, which includes sports and supports SDG 4 on Quality Education. With 108 years of legacy of being Nigeria’s most reliable and trusted partner, the Bank’s Edu360 Initiative demonstrates our unwavering commitment to investing in the leaders of today and tomorrow.”
Mrs Lai Koiki, the Founder and CEO of Greensprings School, mentioned, “We are being future-ready, we are preparing the youth for the future for football and leadership.”
Victor Ikpeba lauded the school’s effort and sponsors, stating, “This is a school that empowers boys and girls in education, especially football.”
The Greensprings Football Academy has a proven record of producing professional players, with some graduates playing for the Under-17 National Team of Nigeria. This year, the top students, Alabi Aliami and Ayodeji Boluwatife, were awarded additional virtual training sessions with the coaches, amongst other benefits.
The success of the Greensprings Football Academy underscores the unifying power of football across cultures and nations. Union Bank remains dedicated to fostering youth development and quality education through initiatives like the GreenSprings Football Academy.
Banking and Finance
Union Bank Rewards Customers with Motorcycles, Cash Prizes in 3rd Save and Win Palli Promo 4 Monthly Draw

Lagos, Nigeria— Union Bank of Nigeria has rewarded another set of customers in the ongoing Save and Win Palli Promo 4 campaign. Six lucky customers each won a brand-new motorcycle, and 120 additional winners won cash prizes.
The third monthly hybrid live draws were transparently conducted at the Bank’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions. For integrity purposes, some of the winners were contacted to congratulate and remind them that the Bank will never call to request or confirm their confidential banking details such as BVN, date of birth, pins, or passwords.
Save & Win Palli Promo 4 is a nationwide campaign designed to reward both new and existing customers with cash prizes and other exciting gifts worth N131,000,000. This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.
To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.
Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch. Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.
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Note to Editors:
About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
More information can be found at: www.unionbankng.com
Media Enquiries:
Favour Ayeni
+234 0201 2716800
Email: mediarelations@unionbankng.com
Banking and Finance
Fidelity Bank Named “Nigeria’s Best Private Bank” at Euromoney Awards

LAGOS, NIGERIA – April 16, 2025 – Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London. The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom. The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.