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Court Strikes Out ₦1.3b Fraud Case Against Obanikoro As Police Withdraw Charges
By Gideon Ayeni
The Federal High Court in Ikoyi, Lagos, has dismissed the ₦1.3 billion fraud case against Gbolahan Obanikoro and four others following the Nigeria Police Force’s decision to withdraw the charges.
The case, which was initially scheduled for arraignment on February 27, 2025, stemmed from a complaint filed by Access Bank in November 2024. The bank had accused Mr. Obanikoro, Adejare Adegbenro, Balmoral International Limited, M.O.B. Integrated Limited, and DDSS International Company Limited of fraud linked to a ₦1.3 billion loan obtained in 2013. Based on this complaint, the police filed charges against the defendants.
However, during Wednesday’s court session, the prosecution informed the court of its decision to drop the charges but did not provide any reason for the withdrawal. At Friday’s hearing, Mr. Obanikoro’s lawyer, Joshua Abel, argued that since the case had been withdrawn, there was no basis for proceeding with the scheduled arraignment. The judge agreed and officially struck out the case.
Meanwhile, Mr. Obanikoro remains entangled in another legal battle over a separate ₦1 billion loan obtained in 2019 by his former business partner, Adejare Adegbenro. According to Obanikoro, Adegbenro allegedly used his property at 40B Bourdillon Road, Ikoyi, Lagos, as collateral for the loan without his consent.
This matter is currently before the Lagos State High Court, where Justice Ibironke Harrison, on January 20, 2025, issued an arrest warrant for Mr. Adegbenro and other defendants, including Access Bank’s acting managing director, Bolaji Agbede, for failing to appear in court. The next hearing is set for February 24, 2025.
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