Nigerian real estate company A4 Realty Ltd has accused Access Bank PLC of Corporate Bullying and use of its connections in high places to frustrate its investment in Nigeria.

In a press release on Monday, 23 October 2023, A4 Realty Ltd alleged that Access Bank Plc after selling the property located at Plot 1, Block XXE Ojomu Chieftaincy Family Layout, Ajiran, Eti-Osa LGA Lagos to it purportedly went ahead to sell the same property to another company, called Trebesak Nigeria Limited which is now being used as a front by the bank.

According to A4 Realty Ltd, it purchased the property from Access Bank Plc in 2021 for N500 million which was fully paid after proper due diligence. A4 Realty Ltd executed a Deed of Assignment with Access Bank, signed by two of the bank’s top directors.

A4 Realty Ltd alleges Access Bank Plc probably got a higher offer and decided to speculate with the Property wondering if the Bank is now in property business. As if that was not enough, the Bank resorted to using the police and thugs to frustrate A4 Realty Ltd’s development of the property.

The company said its MD has also been receiving threats to his life over the matter.

The real estate Firn equally accused Access Bank of introducing Trebesak Nigeria Limited as a front to obscure the illegal double sale. It challenged both Access Bank and the little known Trebesak Nigeria Ltd to provide any document contradicting its ownership of the land.

A4 Realty Ltd lampooned the bank’s actions as despicable and capable of discouraging local and foreign direct investment in Nigeria.

The company threatened to release documentary evidence to expose the bank’s lies and property fraud. It wants the public to be aware of Access Bank’s alleged corporate bullying and the frustration of its legitimate investment.

Speaking on behalf of the real estate Company, Mr Prince I. Nwafuru, a lawyer to A4 Reality Ltd informed the Press that his Client’s investment in Nigeria has been threatened as a result of the interference from the Bank. Mr Nwafuru also noted that scandals such as this are reasons Nigeria has been recording very low foreign direct investment in recent years and wondered why a private entity such as Access Bank Plc would not honour the sanctity of contract it signed.

When contacted, Access Bank is yet to respond to the allegations. The claims, if true, would be a reputational blow for the bank and discourage foreign investors already wary of Nigeria’s business environment.

The role of the police in allegedly aiding Access Bank to frustrate A4 Realty’s investment will also raise concerns over lopsided law enforcement. The case highlights the need to improve ethics in corporate dealings and due process in dispute resolution.

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