Obanikoro Accuses Access Bank of Using His Property as Collateral for N1bn Loan without His Consent Wale Igbintade
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 Continued on page 9
NLC Declares Mass Action to Protest 50% Telecom Tariff Hike... Page 6 Thursday 30 January, 2025 Vol 30. No 10889. Price: N400
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At Lake Chad Govs’ Forum, Tinubu Seeks Multifaceted Response to Security Threats
Charges states to improve security by tackling poverty, other root causes of insecurity Stakeholders express commitment towards tackling challenges
Deji Elumoye in Abuja
President Bola Tinubu has called for
a multifaceted response to terrorism, insurgency, and other security threats in the Lake Chad Basin region.
Tinubu said the chain of events that had disrupted the stability of the region in the past 15 years demanded
that power be wielded responsibly to guarantee the safety and prosperity of the people.
The president spoke yesterday in Maiduguri, the Borno State capital, when he declared open the fifth
meeting of the Lake Chad Basin Continued on page 9
GHL Floors First Bank as Court Vacates Mareva Injunction, Directors Seek Damages Justice Dipeolu: Based on all my findings above, I hold that the 1st Defendant/Applicant Motion on Notice (GHL) dated January 13, 2025 succeeds, the Mareva Order of 30th December, 2024 is hereby set aside Therefore, the 2nd to 5th Defendants/Applicants’ alternative relief succeeds to the extent that the Mareva Order of 30th December, 2024 is set aside...
Wale Igbintade
In a landmark victory for General Hydrocarbons Limited (GHL), the Federal High Court in Lagos, yesterday, set aside an order of Mareva injunction freezing the assets of the oil and gas company and that of its directors in a suit with First Bank Holdings Plc. The lawsuit was in connection with a disputed $225.8 million. The court, while upholding the arguments of GHL’s counsel, Abiodun Layonu, a Senior Advocate of Nigeria (SAN), as well as the arguments of Olumide Aju, SAN representing the 2nd to 5th defendants in the case held that the injunction violated an existing order from a court of concurrent jurisdiction. Challenging the Mareva injunction, Layonu argued that it represented an abuse of court process, claiming that First Bank failed to disclose the previous order by Justice Lewis-Allagoa, which had restrained the bank from Continued on page 9
IMMORTALISING GEN. TUNDE IDIAGBON...
L-R: Kwara State Deputy Governor, Kayode Alabi; First Lady of Kwara State, Amb. Olufolake Abdulrazaq; wife of the Vice President, Nana Shettima; Mrs. Cecilia Idiagbon; Nigeria's First Lady, Oluremi Tinubu CON; and Kwara State Governor, Abdulrahman Abdulrazaq CON; at the inauguration of the Gen. Tunde Idiagbon Flyover in Ilorin, Kwara State, among other legacy projects, ... yesterday