First City Monument Bank (FCMB) has come under legal fire following a ₦2 billion compensation claim filed by Pastor Sunday Omonivi Enikuomehin, proprietor of Goodwill Private Schools in Ikorodu, Lagos.
The school owner accused the financial institution of collusion and fraudulent sale of his school property without proper consent or valuation.
The suit stems from a ₦30 million credit facility Enikuomehin secured from FCMB in 2013 to expand the school.
According to legal documents, the loan was backed by a legally registered deed of mortgage over a 3,430 square metre parcel of land in Ikorodu, covered by a Certificate of Occupancy.
Enikuomehin alleged that despite a mutual agreement between his team and FCMB in 2016 to handle the sale of the mortgaged property through joint negotiation, the bank unilaterally proceeded in 2023 to sell the school building to a third party for ₦90 million.
The school proprietor claims this amount was grossly below the market value, citing independent valuations placing the property’s worth at over ₦270 million as of 2016 and ₦350 million by 2023.
His legal counsel, Benson Enikuomehin & Co, described FCMB’s action as a breach of contractual understanding and an orchestrated move to strip the proprietor of his assets under false pretenses.
The law firm also accused the bank of leveraging the Economic and Financial Crimes Commission (EFCC) to obtain a forfeiture order by labeling the property as proceeds of crime—despite the building being commissioned in 2004, nearly a decade before the facility was granted.
“The role of the bank in this transaction is not only commercially questionable but also ethically indefensible,” said Lola Omeyele, Esq, Head of Chambers. “Our client’s school was unlawfully taken over and sold under suspicious circumstances, and we shall seek redress through every lawful means, both within and outside Nigeria.”
The controversy deepened after EFCC operatives reportedly stormed the school premises on February 28, 2025, preventing students and staff from accessing the facility and marking the property as subject to federal investigation.
Eyewitness accounts claimed that heavily armed agents threatened school staff, attempted to arrest the vice principal, and disrupted academic activities.
Legal representatives insist that the forfeiture process lacked transparency and that FCMB failed to follow due process before selling a mortgaged property.
They maintain that no evidence exists linking the property to any criminal activity, further questioning how a legitimate loan-backed transaction suddenly became the basis for a federal seizure.
The matter is currently before the Federal High Court in Ikoyi, with the next hearing scheduled for April 7, 2025. Pastor Enikuomehin is seeking ₦2 billion in compensation for damages, reputational harm, and business losses resulting from the forced takeover.
FCMB has not issued an official statement regarding the allegations at the time of reporting.
