Lagos High Court Sets March 26 For CMC Suit Against FCMB

On Wednesday, March 26, a Lagos State High Court sitting in Osborne, Ikoyi, will hear a Case Management Conference (CMC) suit filled  against First City Monument Bank (FCMB), by a businessman identified as Michael Ogbole.

Ogbole, is demanding $60,206.66 as unpaid commission from the First City Monument Bank (FCMB).

Justice O.O. Oshin fixed the date when the case came up for mention on Thursday, February 6.

Ogbole, in suit number LD/ADR/4635/2022, filed by his legal team at Falana & Falana Chambers accused FCMB of excluding him from a deal he initiated on behalf of the bank.

According to the claimant, on June 2, 2016, he met with FCMB’s Group Managing Director and Chief Executive Officer, Ladi Balogun, to discuss how he could assist the bank in securing financing from Sky Enterprise LLC, a Florida-based firm specializing in trade finance, risk, and debt management.

Following their conversation, Balogun allegedly directed Ogbole to contact FCMB’s Treasurer, Gerald Ikem, who introduced him to Nomso Ezenta, Head of Structured Funding and Correspondent Banking, to coordinate the transaction.

Ogbole claimed that on September 2, 2016, he arranged a meeting between Sky Enterprise’s Global Director for Africa,  Yinka Akinlabi, and FCMB officials at the bank’s headquarters to structure the trade finance deal.

Present at the meeting were senior FCMB officials, including other top executives.

Afterwards, the parties exchanged several emails and phone calls to finalise the transaction.

However, in February 2021, Ogbole discovered that FCMB had proceeded with the deal through Sky British, a subsidiary of Sky Enterprise LLC, without his involvement.

This was allegedly confirmed by FCMB’s Annual Report and Financial Statements for the year ending December 31, 2020.

On October 12, 2021, Ogbole, through his lawyers, demanded payment of $60,206.66—representing a one per cent commission on the $6,020,660 facility secured by FCMB from Sky British.

After FCMB failed to respond, another demand letter was sent on January 19, 2022.

Despite these efforts, Ogbole claims FCMB has refused to make the payment.

In the suit filled, the claimant is seeking the following reliefs: “A declaration that FCMB’s failure to pay him for his role in the deal constitutes a breach of contract.

An order directing FCMB to pay the sum of $60,206.66, plus 21% interest accrued since December 31, 2020.

“N20 million in general and exemplary damages, and N5 million for the cost of the lawsuit.

Meanwhile, the bank, through its lawyer, Prof. Wale Olawoyin (SAN), contended that the suit is a “gold-digging exercise” by the claimant, describing the claim as vexatious, outrageous, and without merit.

The bank argued that the suit should be dismissed with substantial costs.

Meanwhile, the defendant acknowledged that in 2016, the then Group Managing Director/Chief Executive Officer, Ladi Balogun, was approached by Ogbole in a public place, where he presented his case, claiming to have the network to broker dollar loans for Nigerian banks, including FCMB.

Subsequently, Ogbole, primarily through telephone conversations, emails, and two physical meetings, engaged in several discussions with other top FCMB executives.

According to the bank, the discussions centred on the possibility of Ogbole and his partner, Yinka Akinlabi of Sky Enterprises LLC, facilitating offshore dollar loans and/or financing for the purchase of one of FCMB’s customers’ vessels.

The bank asserted that during meetings with Ogbole and his partner, it became clear that they lacked the required capacity, experience, and understanding of the international finance market to broker the proposed transaction.

FCMB further claims that at no point did the bank, or anyone acting on its behalf, make any commitment or agreement with Ogbole, his partner, or their representatives regarding commission or any other terms.