In recent developments that have sent shockwaves through the Nigerian business community, A4 Realty Ltd has raised allegations of property fraud and corporate bullying against Access Bank PLC. These accusations involve the illegal use of law enforcement agencies, threats to life, and the sale of a single property to multiple companies.
A4 Realty Ltd, a registered real estate company in Nigeria, made headlines in 2021 when it purchased a property located at Plot 1, Block XXE Ojomu Chieftaincy Family Layout, Ajiran, Eti-Osa LGA Lagos State from Access Bank PLC. The purchase price amounted to a staggering N500 million, and a Deed of Assignment was executed between A4 Realty and Access Bank PLC, with two directors of the bank signing on its behalf.
However, the story takes a perplexing turn when A4 Realty alleges that Access Bank received a more lucrative offer from another buyer. In what appears to be an attempt to conceal an underhanded deal, some bank officers allegedly resorted to property speculation. This not only left A4 Realty feeling short-changed but also led to a series of disturbing events, including threats to the life of A4 Realty Ltd’s Managing Director.
To further obfuscate the situation, Access Bank introduced a relatively unknown entity, Trebesak Nigeria Limited, as the new owner of the property. This move has triggered a storm of controversy, with A4 Realty challenging Access Bank and Trebesak Nigeria Limited to provide documents that contradict their claim to the property.
A4 Realty Ltd has posed a series of crucial questions to Access Bank PLC:
1. Is it legal under Nigerian law for Access Bank PLC to sell the same property to two different companies?
2. Can Access Bank PLC justify the use of the Nigeria Police and EFCC to target the directors and officers of A4 Realty Ltd over a concluded property transaction?
3. Did the top management of Access Bank PLC not have knowledge that the bank had already sold the property to A4 Realty Ltd in 2021?
4. Why did Access Bank PLC’s officers and staff resort to illegal means to interfere with the concluded property transaction after receiving a substantial sum of N500 million from A4 Realty Ltd?
5. Is Access Bank PLC above the law, and why did the bank blatantly disregard a valid court order by sending thugs and armed men to attack A4 Realty Ltd’s officers?
These allegations have far-reaching implications. First and foremost, they cast a shadow on Nigeria’s business environment and its ability to attract foreign direct investment. The accusation of corporate bullying and illegal interference by a major financial institution paints a negative image of the country, potentially deterring both local and foreign investors.
Moreover, the actions and behaviour of Access Bank PLC, as outlined in these allegations, raise questions about business ethics and corporate responsibility. In a time when transparency and accountability are paramount in the business world, these allegations serve as a stark reminder of the need for ethical practices and adherence to the rule of law.
In light of these allegations, A4 Realty Ltd calls upon Access Bank PLC to provide answers and clarification on the matters raised, as they continue to fight for their rights and expose what they believe to be corporate malpractice.
The unfolding story of property fraud and corporate bullying is a stark reminder that, in the world of business and investment, trust and integrity must remain paramount. Access Bank PLC, for its part, will need to address these allegations and work towards a resolution that restores confidence in Nigeria’s business environment.
