Banking irregularity: Access Bank accused of granting N1b loan without collateral
More facts have emerged about how Access Bank granted an N1 billion loan to DDSS International Company Limited, using a property belonging to MOB Integrated Services as collateral without the owner's consent. According to details of the loan obtained by investigators, 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. The credit facilities, referenced AOB/BB/VO/AD/031/05/2013, also included an N120 million term loan and an N20 million import duty facility. The term of the loan was 180 days from the date of disbursement at 20 percent…
