FCMB connives to sell school building used as collateral, proprietor threatens N2bn lawsuit

The Proprietor of Goodwill Private Schools, Ikorodu, Lagos State, Pastor Sunday Omonivi Enikuomehin, has demanded a N2 billion compensation from First City Monument Bank for the alleged illegal sale of his school’s property.

The proprietor has also told FCMB that failure to fulfil his demand would lead to a lawsuit as he was prepared to give his all to the issue.

Enikuomehin made his demand in a letter by his counsel, Benson Enikuomehin of Benson Enikuomehin & Co (Shalom Chambers), to the bank through the Group Head, Loan Workout and Recovery Unit, FCMB, dated March 24, 2025.

Copies of the letter were also sent to the Company Secretary/Head of Legal Department, FCMB Headquarters, Tinubu Square, Lagos State and media houses.

The letter, with Reference Number: BE/SC/LA/GWL/FCMB-003/2025, was titled: “Forfeiture To The Federal Government Of Nigeria The U-Shaped 2-Storey Building Located Within Goodwill Private Schools At Ayegbami Street, Off Shagamu Road, Eyita, Ikorodu Local Government, Lagos State Used As Collateral To Secure N30 million Credit Facility From First City Monument Bank (FCMB);

“Connivance Of Your Bank With One Mrs Olabisi Victoria Olaiya To Procure And Instigate The Economic and Financial Crimes Commission (EFCC) To Forfeit The Property To The Federal Government Of Nigeria.”

The legal firm to Pastor Enikuomehin stated in the letter, written by its head, Lola Omoyele, that he had the expressed instructions of the school proprietor to write FCMB in respect of the subject-matter.

Omoyele admitted that it was not in dispute that sometime in 2013, the proprietor took a N30 million credit facility from FCMB to finance the expansion and development of the infrastructure of the schools.

The letter said: “To secure this loan, our clients executed a Tripartite Deed Of Legal Mortgage, dated 24 of February, 2015, in favour of your bank. The collateral used to secure the loan was:

“All that piece of land with fixtures and appurtenances thereof situated at Ayegbami Street, off Shagamu Road, Ikorodu Toen in Ikorodu Area of Lagos State , Nigeria and covered by Certificate of Occupancy (C-of-O), dated 27 October, 2000 and registered as No. 51 At Page 51 in Volume 2000N (Certificate of Occupancy) of the Lands Registry in the Office at Ikeja, Lagos State, measuring approximately 3430.709 square metres, the boundaries of which are more particularly marked and delineated in Plan No. LAL/463/AXB/96.

“Your bank proceeded and registered the legal mortgage at the Lands Registry, Alausa, Ikeja as No. 38 at page 38 in Volume 2085 on the 24th of February, 2015.

“At all the material time to this transaction, your bank did not raise any issue with our clients as to whether the proceeds of building the edifices on our clients’ land were that of unlawful activities.

“In fact, the loan secured from your bank is an attestation that monies used in the expansion of the schools were taken from legitimate sources and not from unlawful activity.

“Owing to the challenges faced by our clients, the interests of the N30 million loan facility had ballooned.

“As a result of the ever increase on the interest of the loan, our client by a letter, dated September 7, 2016, wrote to your bank on the need to sell the Academic Block of Goodwill Private Schools property which comprised the u-shaped, 2-storey building to liquidate the indebtedness.

“Our clients were however categorical in the letter that the sale will be done by them. Paragraph two of the letter reads:

“‘By this notification, in case your bank gets prospective buyers, the bank may wish to introduce such prospective buyers to us for the sale of the property. We will negotiate the consideration with the buyer.

“‘Please note that the proceeds from the sale will be channeled through our account with your bank for the purpose of transparency and accountability.’ A copy of the letter is herewith attached and marked ‘A.’”

The counsel stated that in response to his clients’ letter, FCMB on October 12, 2016 in a letter signed by the duo of Erhi Matthew (Loan Workout and Recovery) and Azuka Mbuba (RH, Loan Workout and Recovery), agreed to introduce prospective buyers to his clients for the purpose of the sale.

Omoyele stated that Paragraph 5 of the letter reads: “‘Based on the current valuation, the bank will introduce prospective buyers as they indicate interest.’ A copy of the letter is hereby attached and marked ‘B.’”

He added that FCMB, in the same letter referred above, put the Valuation Report of GAB Okonkwo & Co, dated October 11, 2016, of the u-shaped two storey building as follows:

The letter said: “Opinion of Value: We are of the opinion that the Current Market Value of the property as at 11th October, 2016 is in the sum of N131.58 million only.”

Enikuomehin however stated that the forced sale value of the property, as at the same date, was in the sum of N87.72 million only.

His legal counsel said: “In the meantime and prior to your letter of October 12, 2016, our clients had hired the services of Tunji Ajibade Consulting, (Estate Surveyors, Valuers, Facilities Managers

and Consultants) to do the valuation of the property on the 15th of September, 2016.

“The Valuation Report which was submitted on September 19, 2016 stated thusly:

“It is therefore our well-considered professional opinion that the fair market value of the above mentioned property, as at September 19, 2016, is ₦270 million, while the forced sales value is ₦180 million only).”

Omoyele declared that his clients were fully armed with the glaring disparity in the valuation of FCMB.

He said: “It is noteworthy that your bank never raised any doubt about the property of our clients’ as being proceeds of unlawful activity or proceeds of crime.

“Sometime in August, 2023 – seven (7) years after the 2016 valuation – your bank, without recourse to the two letters mentioned above, purported to sell the property of our client to a third party for a paltry sum of N90 million only.

“Our clients raised objection to this ridiculous amount and argued that the property was grossly undervalued.

“Our clients further contended that if your bank was not going to have recourse to them in the sale of the property, the bank must follow the proper procedure in mortgaged property.

“It was at this point that our clients were being invited and hounded by the EFCC.

“Very sadly, towards the end of year 2024, your bank and Mrs. Olabisi Victoria Olaiya had effectively instigated and procured the services of the EFCC.

“They contended that our clients’ property was a proceed of unlawful activity or proceed of crime which should be forfeited to the Federal Government of Nigeria for the benefit of Mrs. Olabisi Victoria Olaiva. Find attached and marked ‘C’ are the orders for forfeiture.

“The roles played by your bank in this saga is very unbecoming of a bank. How on earth can the N90 million paid to your bank for the purported purchase of our clients property transform into proceeds of crime that our clients used in the construction of the property?

“What is more, could the N30 million loan lent to our client in 2013 be termed proceeds of crime? Did your bank get the money from unlawful activity or proceeds of crime to lend same to our client in the expansion of the school?

“Is your bank not aware that the U-shaped 2-storey Building belonging to our client was fully built and completed more than 10 years before the N30 million loan facility was taken from your bank?

“At what point did your bank realise that the U-Shaped 2 Storey Building was a proceed of crime or unlawful activity?”

The legal firm informed FCMB that the valuation Tunji Ajibade Consulting (Estate Surveyors, Valuers etc) carried out on his clients’ property in April 2023 indicated that the fair market value of the property, as at April 27, 2023, was N350 million only, while the forced sale value was N247 million only.

Omoyele said: “Contrary to reason, bank etiquettes, equity and good conscience, your bank attempted and purported to sell the property to your purchaser for the ridiculous sum of N90 million.

“When your bank knew that this could not fly, it colluded with Mrs. Olabisi Victoria Olaiya to procure and instigate the EFCC to seek an order of forfeiture of our clients’ property to the Federal Government of Nigeria for the sole benefit of Mrs. Olabisi Victoria Olaiya.

“What an ingenious step taken by your bank! Your bank has decided to hide behind one finger on this matter.

“Take notice that our clients shall embark on all lawful means, including petitioning appropriate financial institutions (Central Bank of Nigeria inclusive), to look into this untoward conduct of your bank for seek redress.

“This does not preclude legal action against your bank in the appropriate court of law. Our clients shall externalise the issues raised in this letter to the press and the international communities.

“With the active connivance of your bank and Mrs. Olabisi Olaiya, students and teachers have been forced out of Goodwill Private Schools on the spurious allegations that the proceeds of crime/unlawful activity were the ones deployed by our clients to construct the properties. No thanks to your bank!!!

“The injuries caused to our clients are indeed very monumental. Your bank is called upon to pay to our clients the sum of N2 billion only as monetary compensation within the next seven (7) days (inclusive of the date herein) for instigating the State (FGN) against our clients without any justifiable reason.

“We shall pursue remedies for our clients against your bank, without fail: no retreat, no surrender until justice is served.”

EagleOnline