Justice Ibironke Harrison, Judge of the Lagos State High Court, has ordered the arrest of Bolaji Agbede, acting managing director, Access Bank PLC, and three others, in the case of alleged conspiracy, obtaining by false pretence, and fraud totaling N1.356 billion.

Bolaji Agbede, acting managing director, Access Bank PLC

The Judge made the order when the defendants, including the acting managing director of Access Bank, did not show up in court.

The other defendants alongside Agbede were charged in the case of conspiracy, obtaining by false pretence, and fraud totaling N1.356 billion are Balmoral International Limited, DDSS International Company Limited, and Adejare Adegbenro.

The allegations stem from a 2013 incident where the defendants allegedly used MOB Integrated Services’ property as loan security without consent.

The property, located at Plot 40b, Bourdillon Road, Ikoyi, belongs to a firm owned by Gbolahan Obanikoro, son of a former Minister of State for Defence, Senator Musiliu Obanikoro.

Access Bank has been accused of alleged attempt to steal the same property by granting a N1 billion credit facility to DDSS International Company Limited.

The court has scheduled the next hearing for February 24, 2025.

The charge sheet as signed by the Directorate of Public Prosecutions, Ministry of Justice, Lagos State, reads: 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 2nd day of September, 2013 at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, conspired to commit a felony to wit; Stealing.

STATEMENT OF OFFENCE-COUNT 2

Conspiracy to Commit a Felony to wit; Stealing Contrary to Section 411 of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2011.

PARTICULARS OF OFFENCE

ADEJARE ADGBENRO (M), BALMORAL INTERNATIONAL LIMITED, ACCESS BANK, BOLAJI AGBEDE (M) and DDSS INTERNATIONAL COMPANY LIMITED on or about the 2nd day of September, 2013 at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, conspired to commit a felony to wit; Stealing.

STATEMENT OF OFFENCE-COUNT 3

Stealing Contrary to Section 280 of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2011.

PARTICULARS OF OFFENCE

ADEJARE ADGBENRO (M), BALMORAL INTERNATIONAL LIMITED, ACCESS BANK and BOLAJI AGBEDE (M) on or about the 2nd day of September, 2013 at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, stole the property of MOB Integrated Services at Plot 40b, Bourdillion Road, Ikoyi, Lagos by using it as a security for loan without his consent and subsequently entering into a consent judgment.

STATEMENT OF OFFENCE-COUNT 4

Attempted Stealing Contrary to Section 21 of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015.

PARTICULARS OF OFFENCE

ADEJARE ADGBENRO (M), BALMORAL INTERNATIONAL LIMITED, ACCESS BANK, BOLAJI AGBEDE (M) and DDSS INTERNATIONAL COMPANY LIMITED on or about the 26th day of May, 2019 at Plot 1261, 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 N1,000,000,000.00 (One Billion Naira) Only.

Nigerians in the diaspora have petitioned Dr. Olubunmi Tunji-Ojo, minster of Interior, over passport printing in Atlanta and New York Consulates in the United States of America.

To this effect, the minister has approved and directed the Nigeria Immigration Service (NIS) to immediately deploy new printers to the passport offices in both cities.

These printers, according to him, are ready for installation. This short-term solution, he said, aims to resolve the current challenge promptly.

In a statement, the minister said that there is a new solution being implemented as a long-term plan that will usher in a streamlined passport regime, enabling Nigerians to apply for their passports with more ease.

Part of this plan includes the activation of a Passport Personalisation Centre in Abuja, which is scheduled to start in the next few weeks while also opening up more countries for the already-deployed contactless solution.

According to Tunji-Ojo, they are working round the clock, and none of the agencies is left behind.

“At the Nigeria Immigration Service, there has been an end-to-end automation of the passport application process and the introduction of the contactless application process, which has since been launched in Canada,” he said.

The Central Bank of Nigeria (CBN) said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025.

The FX code serves as a guideline to the banking industry to promote ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market (NFEM).

“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the CBN said in a notice published on its website.

In a bid to strengthen the governance and transparency of Nigeria’s FX market, the CBN in November 2024 introduced revised guidelines for the Nigeria Foreign Exchange Market (NFEM).

A key feature of these guidelines requires the boards of banks, alongside their Chief Executive Officers (CEOs) and Chief Compliance Officers, to annually attest to the Nigeria FX Code of Ethics and Conduct. This attestation underscores their commitment to uphold market integrity and comply with all CBN-issued circulars and guidelines.

The revised guidelines aim to deepen the foreign exchange market following the consolidation of all official FX market windows. The circular, issued by Omolara Omotunde Duke, director of the CBN’s financial markets department, supersedes prior directives, including the operational changes announced on June 14, 2023, and earlier circulars dating back to 2017.

Under the new framework, authorised dealers must facilitate FX transactions for firms and individuals while ensuring compliance with regulations. These dealers are tasked with conducting due diligence, providing transparent pricing, and offering market access through digital solutions.

Furthermore, all legitimate FX transactions must occur exclusively through authorised dealers, while dealings with unlicensed intermediaries are strictly prohibited.

Bureaux de Change (BDC) operators are also included in the revised guidelines. Licensed BDCs are allowed to purchase FX from authorised dealers to meet customer needs, within the limits set by the CBN. Similarly, all FX transactions conducted by BDCs, International Money Transfer Operators (IMTOs), and authorised dealers must adhere to the terms of their licenses and the Nigeria FX Code.