FCMB withdraws 1.55 billion n1.55 billion from the account due to the freeze order.
Nigeria News Nalin According to reports, Kooewe (FCMB) allowed one of its borrowers, Goewe and Sons Ltd., to sue First City Monument Bank (FCMB), and Cool Financial Services has sued First City Monument Bank (FCMB). Operating Instructions.
Goewe and Sons Ltd. is a commodity company owned by Ewere Godwin Orobosa. In July 2023, the company first contacted the financial company at a rate of 3.5% at a rate of 3.5%.
Similarly, in September 2023, the company received an additional loan at a one-month interest rate of 1.5%, bringing the entire loan to 150 million guilds.
The borrower intends to enter into a contract and needs to have the above amount in his bank account, but the loan should not be used to execute a potential contract.
Under the loan agreement of September 18, 2023, both Goewe and Sons Ltd. and Cool Financial Services subsequently instructed FCMB to freeze the loan account so that the loan amount may remain unchanged during the transaction.
The borrower had earlier written to the bank to change his account authorization through a board resolution of September 15, 2023. The borrower appointed Ewere-Egharevba Orobosa, representing the borrower, Roseline Anibueze, representing the Class A signing agency’ account.
The Directive further states that the representative of the lender has the right to authorize any withdrawals below 150 million nn nnn nn from the account, and any withdrawals exceeding that amount shall be jointly authorized by the two signatories.
“These measures are appropriate measures to ensure that the terms and conditions of the loan facility are met,” Oluwafemi Adediran, head of the financial housing law department, told FIJ on Wednesday.
Once the loan term expires, the lender wants to withdraw it. So on October 23, 2023, the Financial House made a transfer check at the Chevron branch of FCMB Lagos, confident that the money was complete. But the check was humiliating, and the bank revealed that the borrower had withdrawn the loan.
“Based on our investigation and findings, we realize that although you ignore the lien on this account and processed a loan of N150,000,000 (Naira 155.5 billion) at the back of the restricted facility, as funds only prove.
More importantly, we are not only shocked by this bill, but also forged the signature of our client representative for the traits and obvious premeditated crimes as signatories before the completion of the unauthorized unconscious transaction, written by practitioners separately Letter to FCMB’s Sanusi Fafunwa branch and FCMB managing director, representing lenders on September 26 and October 26, 2023, respectively.
On October 25, 2023, the lender visited the Sanusi Fafunwa branch. Chukwuma Chukwuka and Isiaq Babatunde both called for a cure for 72-hour treatment to make up for the situation. According to a November 2023 court application signed by Anibueze, the bank also provided the bank with 48 hours of internal resolution.
These treatment periods were not followed. On October 31, legal counsel and bank litigation chief conducted FCMB through Tosin Talabi and Akin Akintola, he said it had begun investigating the issue.
“Under our internal procedures, we have begun investigating the questions raised in the letter you quoted and returning them to you shortly after the conclusion of the Investigation (SIC),” the legal counsel wrote.
“At that time we went to the bank to verify how to withdraw money, we found that the freezing instructions were still active on the account. We observed that the director’s signature was established for withdrawal.
The question that the bank did not answer was: “How to withdraw funds from an account with an active order?”
More than a year after the letter mentioned above, the bank has not revealed the findings of its investigation.
Seek remedies through the court
In November 2023, the lender filed a lawsuit marked FHC/2377/2023 in the Federal High Court in Lagos, trying to recover the losses caused by what was believed to be a “criminal conspiracy.”
The lawsuit is filed in the lawsuit with FCMB as the first defendant, the borrower is the second defendant and the Central Bank of Nigeria (CBN) of the FCMB regulator, as the third defendant.
The first round of relief reads: “Announcement of the action of the first defendant constitutes a breach of the plaintiff’s obligations owed to the fiduciary.”
“Instruct the first defendant to immediately pay his capital at the sum of N150,000,000 (only N1 million) at 21% interest rate per year or the rate (AN) interest rate of the central bank of Nigeria starting from October 23, 2023, although The plaintiff’s account was funded, but the plaintiff’s request for transfer was rejected by the first defendant; the first defendant had no satisfactory explanation to the plaintiff.
“General loss N250,000,000 (only 2 million naira) to the first defendants, suffered as a result of the economic losses, embarrassment and financial exposures suffered by the plaintiff, which was suffered as a result of the devastating actions of the first defendant . Please note that the plaintiff is engaged in loans and small and medium-sized enterprise financing.
“The order of the Honor Court directs the first defendant to pay interest at the judgment rate of the central bank at 21% per year or Nigeria tax rate, from the beginning of the lawsuit to the date of the judgment, but from 14 years of judgment period to liquidation of the entire judgment total percentage to plaintiff.
“The order of the Honor Court directs the third defendant to reduce all currency payments and debts from the first defendant by drawing from the first defendant’s deposit from the first defendant to resolve all currency of the first defendant’s first defendant’s money and debts from the first defendant’s first defendant’s case to resolve all currency of the first defendant’s first defendant’s first defendant’s money money and debts to determine that all monetary money and debts of the first defendant cannot be paid.
“The cost of this action is N5,000,000 (N5 million).
The court has not yet determined the hearing date for the case. At press time, Fiji learned that FCMB did not respond to the lender’s filing.
FCMB did not respond to a request for comment at press time. On January 15, Rafiu Muhammed, the bank’s corporate affairs and media management officer, admitted on the phone to Fij’s email and promised that the bank would investigate and respond as soon as possible.
When asked to specify when the bank will respond, Mohamed said: “I don’t want to give you an unrealistic time. But we will investigate and respond soon.”
Fiji sent him a reminder on January 24, and Mohamed replied: “Give us until next week.”
Fiji called him again on Wednesday and Mohamed asked for another. “We will try to speed up the investigation. Give us until next week,” he repeated.
Borrower’s response
In court documents, the lender accused the borrower of forging Anibus’ signature and conspiring with the bank to withdraw the money.
On January 15, Fiji contacted the borrower’s director Godwin Ewere posted a comment. He denied forged any signatures and said he had paid the loan and no longer thanked the lender.
“Loans obtained from cool financial services have been fully paid and cleared. We no longer owe cool financial services. Ewere said he also wants to sue FCMB.
“I don’t want to say anything because I want to sue FCMB.
“I’m going to see them in court. I still see my name on the credit bureau and I’m going to owe them [the lender]. What they said was more than 20 million nt, I don’t understand. ”
Ewere presented Fiji with a coordinated document containing a series of checks he issued in the name of the lender.
When Fiji conveyed Ewere’s response to the head of lender’s legal department, he said it was a lie. He insisted that the borrower defaulted on the contract while repaying the loan and also illegally withdrew the money.
