In a legal battle that could shake Nigeria’s banking sector, the proprietor of Goodwill Private Schools, Ikorodu, Pastor Sunday Omonivi Enikuomehin, has sued First City Monument Bank (FCMB), demanding ₦2 billion in damages over the alleged illegal sale of his school property.
The lawsuit, filed by his legal counsel, Benson Enikuomehin & Co (Shalom Chambers), accuses FCMB of colluding with a certain Mrs. Olabisi Victoria Olaiya to fraudulently dispossess him of his school property under the pretense of loan recovery.
Background: A Loan Turned Legal Nightmare
Pastor Enikuomehin had obtained a ₦30 million loan from FCMB in 2013 to expand his school, securing it with a legally registered Certificate of Occupancy. However, despite attempts to resolve the loan through property sales under agreed terms, FCMB allegedly went behind his back to sell the property in 2023 for a vastly undervalued ₦90 million.
According to legal documents, the property was independently valued at ₦270 million in 2016, with a forced-sale valuation of ₦180 million. By April 2023, the market value had risen to ₦350 million, with a forced-sale value of ₦247 million. Yet, FCMB allegedly bypassed these valuations, sold the property without the proprietor’s consent, and later instigated the Economic and Financial Crimes Commission (EFCC) to justify the sale by branding the property as proceeds of crime.
EFCC’s Drastic Involvement
On February 28, 2025, EFCC operatives stormed Goodwill Private Schools, preventing students and staff from accessing the premises. Eyewitnesses reported that armed operatives arrived in multiple vehicles, scrawled markings on the school walls, and allegedly threatened to shoot anyone who resisted their orders.
School staff and students vehemently opposed the arrest of Vice Principal Mr. Ayinla Olalekan, insisting that they would all accompany him to EFCC’s Ikoyi office if necessary. This unexpected resistance reportedly forced the operatives to back down.
Legal Battle for Justice
Pastor Enikuomehin maintains that FCMB’s actions were fraudulent and unjustifiable, highlighting that the school property was fully constructed and commissioned in 2004—years before he took the FCMB loan.
His lawsuit accuses FCMB of engineering the forfeiture process by collaborating with Mrs. Olaiya, who petitioned the EFCC after securing the property at a grossly undervalued price. Despite legal proceedings pending at the Federal High Court in Lagos, FCMB and the EFCC allegedly moved forward with the property seizure, disregarding due process.
Enikuomehin’s legal counsel is now demanding ₦2 billion in damages from FCMB for the financial and reputational harm inflicted on his client. He has also vowed to escalate the case to regulatory bodies, including the Central Bank of Nigeria (CBN), and international financial institutions if necessary.
A Fight for Accountability
As the legal showdown intensifies, this case raises serious concerns about banking ethics, property rights, and law enforcement conduct in Nigeria. If proven, the allegations could expose systemic abuse within the banking and financial regulatory system, with potential implications for FCMB’s corporate reputation and regulatory standing.
Pastor Enikuomehin remains resolute: “We shall pursue remedies for our clients against your bank, without fail—no retreat, no surrender until justice is served.”
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