₦airaland Forum

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Cool Financial Services, a Lagos State-based finance house, has sued First City Monument Bank (FCMB) for allowing Goewe and Sons Ltd., one of its borrowers, to withdraw a N150 million loan sum from an account with an active freezing instruction.

Goewe and Sons Ltd. is a merchandise company owned by Ewere Godwin Orobosa. In July 2023, the company first approached the finance house for a N100 million loan at a 3.5% interest rate for a duration of 30 days.

Again, in September 2023, the company obtained an additional loan of N50 million at an interest rate of 1.5% for a month, bringing the entire loan to N150 million.

The borrower intended to pursue a contract and needed to have the said amount in its bank account, but the loan was not to be used to execute the potential contract.

Both Goewe and Sons Ltd. and Cool Financial Services then instructed FCMB to freeze the loan account so that the loan sum could remain untouched for the period of the transaction, according to a loan agreement dated September 18, 2023.

The borrower had earlier written to the bank to alter its account mandate through a board resolution dated September 15, 2023. The borrower appointed Ewere-Egharevba Orobosa, representing the borrower, and Roseline Anibueze, representing the lender, as ‘Category A’ signatories to the account.

The directive further specifically stated that the representative of the lender shall have the power to authorise any withdrawal below N150 million from the account while any withdrawal exceeding that amount shall be jointly authorised by the two signatories.

“Those measures were put in place to guarantee compliance with the terms and conditions of the loan facility,” Oluwafemi Adediran, head of the legal unit at the finance house, told FIJ on Wednesday.

After the loan duration expired, the lender wanted to withdraw it. So, on October 23, 2023, the finance house presented a transfer cheque at the Chevron branch of FCMB in Lagos confident that the money was intact. But the cheque was dishonoured and the bank revealed that the borrower had already withdrawn the loan.

“Upon our investigations and findings, we became aware albeit shocked that you disregarded the lien on the account and processed a loan of N150,000,000 (one hundred and fifty million naira) on the back of the restricted facility meant only as proof of funds. What is more, we are alarmed not only by this act but by the temerity and obviously premeditated criminal falsification of the signatures of the representatives of our client as signatory ‘A’ before the consummation of the unauthorised mindless transaction,” Justice John, a legal practitioner, wrote to a business manager at Sanusi Fafunwa Branch of FCMB and the FCMB managing director on behalf of the lender on September 26, 2023 and October 26 respectively.

On October 25, 2023, the lender visited the Sanusi Fafunwa Branch. There, Chukwuma Chukwuka and Isiaq Babatunde, both officials of the bank, appealed for a cure period of 72 hours to remedy the situation. An additional 48 hours was given to the bank to sort out the issue internally, according to a November 2023 court filing signed by Anibueze.

Those cure periods were not adhered to. On October 31, FCMB through Tosin Talabi and Akin Akintola, both legal counsel and head of litigation for the bank, said it had commenced an investigation into the issue.

“In accordance with our internal procedure, we have commenced investigations into the issues raised in your letter under reference and shall revert to you shortly with the bank’s position once the investigation (sic) is concluded,” the legal counsel wrote.

“At the time we went to the bank to verify how the money was withdrawn, we found out that the freezing instruction was still active on the account. We observed that our director’s signature was forged to make the withdrawal. The question the bank has not answered is, ‘How was it possible to withdraw money from an account with an active no-withdraw order?’”

More than a year after the letter referenced above, the bank was yet to reveal the findings of its investigation.

SEEKING REDRESS THROUGH COURT
In November 2023, the lender filed a suit marked FHC/2377/2023 before a Federal High Court in Lagos seeking to recover losses it had incurred as a result of what it considered “a criminal conspiracy”.

Sued in the lawsuit were FCMB as the first defendant, the borrower as the second defendant and the Central Bank of Nigeria (CBN), FCMB’s regulator, as the third defendant.

“A declaration that the action of the 1st defendant amounts to breach of fiduciary duties owed to the plaintiff,” the first leg of the relief read.

“An order directing the 1st defendant to immediately pay the plaintiff its capital in the sum of N150,000,000 (One Hundred and Fifty Million Naira Only) with (an) interest rate of 21% per annum or at the prevailing Central Bank of Nigeria’s rate from October 23, 2023, when the plaintiff’s transfer request was dishonoured by the 1st defendant despite the plaintiff’s account being funded; and without any satisfactory explanation by the 1st defendant to the plaintiff.

“General damages in the sum of N250,000,000 (Two Hundred and Fifty Million Naira Only) against the 1st defendant for the economic loss, embarrassment and financial exposures suffered by the plaintiff as a result of the devastating action of the 1st defendant, bearing in mind that the plaintiff is in the business of loans and SMEs financing.

“An order of this honourable court directing the 1st defendant to pay interest on the judgment sums at the rate of 21% per annum or at the prevailing Central Bank of Nigeria’s rate, from the commencement of this suit till the date of judgment, and 14% per annum from the delivery of judgment till liquidation of the entire judgment sum to the plaintiff.

“An order of this honourable court directing the 3rd defendant to enforce compliance of the 1st defendant by drawing from the deposits of the 1st defendant in its care to settle all monetary sums and liabilities thereof by the 1st defendant herein in the event that the 1st defendant is unable to pay same.

“The cost of this action in the sum of N5,000,000 (Five Million Naira).”

The court has not fixed a hearing date for the case. At press time, FIJ learnt that FCMB had not filed any response to the lender’s filings.

FCMB had not responded to a request for comments at press time. On January 15, Rafiu Muhammed, a corporate affairs and media management officer at the bank, acknowledged FIJ’s email on the phone and promised that the bank would investigate and respond soon.

When asked to be specific when the bank would respond, Muhammed said, “I don’t want to give you an unrealistic time. But we will investigate and respond very soon.”

FIJ sent him a reminder on January 24 and Muhammed responded, “Give us till next week.”

FIJ called him again on Wednesday and Muhammed requested one more week. “We will try to expedite our investigation. Give us till next week,” he repeated.

THE BORROWER’S RESPONSE
In the court documents, the lender accused the borrower of falsifying Anibueze’s signature and conspiring with the bank to withdraw the money.

On January 15, FIJ contacted Godwin Ewere, the director of the borrower, for his comments. He denied falsifying any signature, stating that he had defrayed the loan and was no longer indebted to the lender.

“The loan obtained from Cool Financial Services has been fully paid and liquidated. We no longer owe Cool Financial Services. No signature was forged whatsoever,” Ewere said, adding that he also wanted to sue FCMB.

“I don’t want to say anything, because I want to sue FCMB.

“I am ready to meet them in court. I still see my name on (the) credit bureau that I am owing them [the lender]. They are saying over N20 million, which I don’t understand.”

Ewere showed FIJ a harmonised document containing a series of cheques he issued in the name of the lender.

When FIJ relayed Ewere’s response to the lender’s head of legal unit, he said it was a lie. He maintained that the borrower defaulted in repaying the loan and also withdrew the money illegally.

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https://www.thenewsalert.com.ng/2025/02/fcmb-embroiled-in-n150-million-dispute.html


Copy: TheVision

Interesting.

adenigga:
Gbemisola, the elder sister of Nigerian controversial musician, Portable, has claimed that her embattled brother is under the spiritual spell of one of their family members.

Gbemisola made this claim following the singer’s ongoing legal battle with the Ogun state government.

DAILY POST reports that the Ogun state government on Thursday arraigned Portable who is currently at large for assaulting the officials from the Ministry of Physical Planning and Urban Development.

He was arraigned with nine of his associates before Abeokuta Magistrates’ Court by the state police command.

However, speaking from his hide-out, the singer pleaded with the government to release his associates from detention, stating that he is being “set-up by some certain individuals”.

Why challenging the officers to provide video evidence of the alleged assault, Portable further warned that he might take his own life following the overwhelming frustration caused by the situation.

Reacting to the development in a viral video circulating on X, Portable’s sister apologised for his controversial actions, alleging that a family member is spiritually influencing the singer.

“People of Nigeria, I greet you all. I’m Portable’s eldest sister, the first child of his mother. We are just three that our mother gave birth to.

“Portable has never steal before. I have never come out like this to speak, and he hasn’t even posted me despite being his sister. But he is the only one taking care of the family. If not for him, I would have died during my sickness.

“One of our family members, Akeem is the one casting spell on Portable, he is the one spiritually influencing Portable to misbehave and offend Nigerians.”

Source: https://dailypost.ng/Portable-is-under-spiritual-spell-of-family’s-member’-Singer’s-sister-claims

A very foolish Thing, u live in Ogun State, & you had the audacity to publicly call Pastor Adeboye a Liar?

No pity for the foolish, u better remain in your hideout for as long as you can, or you cross the border, from there u can find your way to Europe or Yankee since you have those visas.

Mumu how u wan pass border, wey immigration no go recognize u as a wanted person?

AndroBlaze:
Uncle, google is your friend if you know nothing about your country.

Benue borders 2 South Eastern states and 1 South South state....of all the northern states, Benue is probably the least Northern and shares a lot of culture with Igbos and SS.

No patriotic Nigerian that is not a thief or a politician will ask for more states when we see clearly what the massive amount of career politicians are doing to us and costing us....just more waste to give some useless people more chances to steal and impoverish the vast 200 million of us.

Don’t mind the mumus shouting state creation, Mumus please pass laws to stop this menace of kidnapping, it is state creation these mumus are talking about?

Demons.

JADEK04:
If south east doesn't need new state ,we need it in south west..expecially, ijebu, okun,and oke ogun/ogbomoso
.d suffering is too much...many new tow nd cities will experience development, more opportunities, more job...but Nigeria are too daft or play ethnics on matter that matter most ...

You need efficient local government administration not chasing shadows of imaginary state creation.

If that money used to create a new state is spent on what u already have for social & economic development?

AndroBlaze:
Nigerians are just noisemakers and wasteful people.

Why not take one state from the North and add it to the South to balance the equation as 18+ 18.....are you telling me with all the so called professors we have someone cannot suggest something like adding Benue state to SE and pulling Adamawa from NW back to middlebelt.....we are just a country populated with empty vessels.

Waste of time, these so called politicians have started playing the gullible masses again.

One single local government the House of Assembly will not create, let alone a state, what a joke, truly they are jobless things entertaining their gullible constituents.

Creamypie:
pls cut from east to make it 6 simple. Them cut Delta and Edo from Bendel. Niger state alone is bigger than the whole 5 eastern states. Make them cut am too nah. Delta na Midwest by referendum vote in 1963. Na Ned nwoko start this nonsense see finish. 2027 he will be political orphan.

Even 1 local government dey will not create, the press must promote nonsense news to survive.

Ned Nwoko is a wise man, he has seen the light that APC is definitely in power till 2031.

Typing:
No. It's the same Atiku, who's Northern Brother is the ruling over millions of Yoruba people in Ilorin as their Emir.

Emir wey APC Governor go remove with one signature, ruling who?

Who is the emir of Kano Bayero or Sanusi?

Your tribalism will not even allow for you to reason properly again.

Without tribalism as faceless cowards on social media, you cannot exist.

segyoms:
One knows how to generate money while the other knows how to pack the money

Money appropriated for spending, na em Turaki dey purport to dey wail about?

Atiku is only angry he is not in the action with them, Oga no get money again, all the money e thief from customs & as VP e done waste am on politics.

Tinubu & Wike his former financiers are now his enemies.

Lanruze:
Alhaji Atiku Abubakar has no moral right on the on the topic or sub-topic of corruption.

1, Atiku Abubakar in a CNN special episode in year 2013 directly indicted him the Halliburton Kick-back scandal that got the CEO of Halliburton imprisoned.

2, The COJA All Africa Games had Atiku Abubakar as the Chairman, Planning Committee with delegated powers to supervise the Games and ensure profitability.
Atiku' s performance was a disaster as Government was declared to have spent over N4B and made returns of a partly N100m.

Accounting for a whooping loss of over 1000%.

Let baba go one side he should rally support for a younger and more credible candidate.

Allow Atiku to wail, please it iis his constitutional right to wail in vain.

No be today.

sonsomegrigbo:
He's not a scammer Président, nothing go happen to our budget

Kai Tinubu turned his man Abubakar Atiku into a Wailer?

MufasaLion:
Atiku is no better than Tinubu. Both are cut from same cloth. We need more selfless and most importantly, visionary leaders.

indeed you cannot give what u don’t have, charity they say begins @ home, which state are you from, include your local government.

Bobloco:
I pity you

Pity a person that is sorry for u always wailing Tinubu Tinubu Tinubu, before the election in 2023 I told u that u were a wasting your time following that political littlest hobo vagabond Gringory Obi, here we are thank Jehovah in 2025 you are sorry for your Oga

Because I dey exchange banters with u third eye blind Obidient?

NLandIsHypocrit:
How much does it cost to search for the video yourself

Search for something that doesn’t exist .

U have been searching for hours, nothing u could find, u came back with a statement?

I have seen the video on YouTube were Mazi Nnamdi Kanu from his hideout in East London is encouraging the looters & arsonists to destroy the toll gate.

I said please post a link to the video, so we can view with our own eyes the massacre of the thugs & looters that happened @ the toll gate in Lekki.

IfyfastX:
That guy na tribalist but on a serious note, if to se the name for this thread na Emeka, by now shameless tribalist like you for don use spit full everywhere dey cry dey shout Igbo upandan.

There are criminals in every Tribe but tribalistic souls like you disagree, you choose to go about senselessly ranting doing boring senseless tribal gbasgbos 😁😁.
You tribalist are nothing but a total nonentity to Humanity. We suppose dey kill una throwaway.

Nothing but the ultimate love & respect for my igbo brethren, the most industrious tribe from Nigeria.

It is a very unholy thing, to assume in your ignorance that others are shallow minded like yourself.

Kreesxxx:
People like you are deceiving Fubara. Unfortunately the court is not as headless as you are. What is the evidence that they resigned? You said they waved APC flag. Only?

They swear affidavit. But Justice Mary Odili in delivering Bayelsa governorship Verdi that removed John Lyon said affidavit could only be relied upon if it is gazzetted. That man who changed his name only sworn an affidavit without gazetting it. Did the house members gazette their affidavit ? No.

Has Fubara the power to declare their seats vacant no. What is the position of PDP? The last time PDP said they were still their members.

They attend PDP meetings today. If Fubara is in PDP why does he want house members of his own party out of the party? Is this not an aberration?

Babytoun Fubara is a dead man walking the plank.

An Extremely foolish man indeed, never bite the hand that feeds u, never undermine those that made u king, he is gonna, like Arsenal FC.

Speaker Amaewule will complete Fubara’s remaining 2 years, he will be impeached, his deputy will resign, she is Wike’s stooge, he will make her the oga of an agency in the FCTA.

Fear Wike.

Bobloco:
Na my state governor comot subsidy wey make we dey buy fuel for #1000 from below #200 we dey buy am before Tinubu regime

Na my state governor devalue the naira

Na my state governor increase electricity tariffs and now planning to increase call tariffs by 50%

Yes allocation increase but what is the actual value of the quadruple allocation to the state governor

Be deceiving yourself, maybe because I have lived in the United States where we copied our federal system of government from and lived & witnessed democracy in action, though partly from an electorate college system, hence I look @ things differently from the average Joe.

Sorry for the blind in Nigeria, Chicago trained accountant is your President, the emergence of Mad man Trump only enables those in power like him, & makes your president stronger.

You are the responsibility of your state government, what concerns California with Michigan, or what concerns the lone star state (Texas) with Delaware?

At least for Nigeria , big brother for Abuja still dey share money every month amongst em children the states

Holyfic:
Look at it from ny angle blaming other Africans for their criminal act won't stop south Africans from committing crimes beacause every one does but putting blame on manipulated border differentiation is sentimental, Nigerians,ethiopians,somalis it doesn't make a difference, Afrikaans don't identify their self with different European state they are all Afrikaans so why should your black brother and sisters be different, the profiling doesn't need to be there treat him like the way you see your fellow south Africans we are all in the struggle together

Have u been to the rainbow country b4, South Africa is a wonderful country, no wonder The Europeans & Asians to gree leave the land.

It is hard to believe that Nigeria has, or had a larger economy than them, fear Naija just to be mentioned in the same sentence.

Silentgroper:
I wish the white afrikanneers would pack up and leave .. let's see how these black folks gonna survive..

I’ve been to Joburg @ least 3 times, the irony is that the blacks & Oyibos get on very very well, to them it is South Africa first, not racism or tribalism, a lot of Nigerians on this forum speak based on ignorance.

Yes & the knowledgeable springboks, have nothing but the ultimate respect for The Federal Republic of Nigeria.

Lionessza6:
LMAO. They are only looking at the current country being lynched....to them, that's Trump's real target and every other African is safe because they are all well behaved " don't openly challenge the status qou". Little do they know that our little open -spanking session is just a warning shot to all . Are they even watching Rwanda? Do you know how much of their national budget is funded by outsiders ? Are you seeing what they're up to now? Is the USA saying anything?

Like u rightfully said earlier attack the strong (South Africa) others will tow into line, Nigeria will be next for Trump.

What concerns the idiot with land reforms in SA? We know it is Elon Musk & his South African born oyibo co PayPal founder with their aryan supremacist mentally behind it.

Bobloco:
Na Tinubu's bolekaja' economic policy prescriptions be de cause

Bros at least they get shame na, you & those Almijiris for North dey complain of Tinubu, yet your state governments despite the quadruple in allocation from Abuja na President Tinubu all of una dey look?

Real Igbo men big pass this Almijiri type wailing.

NLandIsHypocrit:
I saw the live video of soldiers killing the youth at Lekki Tollgate and you can only be lying to claim you didn't see the video because the video went viral. You're just being evil by trying to defend Tinubu who was the major masterminder of the killing then, all for political desperation.

Please post a link of the video.

Richtaiwo:
Good you have the video footage. Can you post the video footage of soldiers killing people in lekki tol gate? But I have pictures of slain people thrown into dirty water under Peter Obi watch.

Well, in effort to continue regurgitating the same lies that have never worked, you may refuse to post the non-existent video while ignoring the people killed and thrown into water by Peter Obi.

smartpolician we are still waiting for the video .

helinues:
Sowore is becoming a joke

Still behaving like a SUG president

He is a nuisance.

Bobloco:
Reason the country is in bad shape

Dey wait for Tinubu, u never start to suffer yet.

If u like no go help yourself.

SeeWahala:
I am a traditional priest.

I am telling you that my people's traditional and cultural beliefs and practices would not work for you who is not a son of the soil.

You can find such practices elsewhere but not here with my people. Thank you as you leave to go find some wayward skulls to mine

Sons of the soil that are not exposed that u can play your 419 on abi?

powerkey:
Lies from this mofos of a government.

He was called not to escalate the matter

Called by who?

Lionessza6:
apparently this is supposed to collapse our country and turn it into another Zim...according to Nairaland analysts .
This will humble us so that we will bow down to Jews like they do ....how dare we challenge the God's chosen when we are nobodies

Na ignorant Nigerians wey no know the might of South Africa dey salivate over this nonsense news.

Lionessza6:
LMAO. Spoken like a true Nigerian educated illiterate . USA only funds 17 % of the whole program and the rest is funded by SA. How would SA be the hardest hit when we are the least needy country on the African soil . Go and check the countries that recieve the most Aid in Africa....and come back to tell me how we will suffer more than you when we are the least beneficiaries of their " good graces" . You should be more worried not us. Check our yearly budget and yours .

The usual obsession with SA men....your nemesis in Africa...the men that have you second guessing yourselves every minute of your lived

U dey answer person that calls itself bendedprick?

Lionessza6:
LMAO. The deluded Jew worshippers of Nigeria actually believe that Trump is fighting for them...they feel vindicated . "These people don't want us around them,so Trump is paying them back on our behalf " . The same openly pro-white Trump gives a fck about you? . The same Trump whose followers actually want to cut down....infact cut-off migration from non-white countries? . The desperation to belong and be accepted is on another level .

White supremacy first targets the strong to make sure the weak is demoralized....if you think their target is just South Africa in Africa,you are greatly mistaken. South Africa has the biggest budget in Africa and can do without that small change.......but what happens when he targets the countries whose budget is heavily reliant on Aid? What happens when he gives them an ultimatum to either lose the Aid or invade other African countries on America's behalf? .... is the AU ready for such? There is the issue of AFCTA, you think Trump will allow that nonsense to take place when he has a lot of African countries on his payroll ?

You are a very intelligent person.

Most Nairalanders no get your wisdom, they are mocking South Africa in their ignorance, when Trump faces Nigeria next, dey will blame it on Tinubu as usual.

kettykings:
Your comments

What nonsense, Canada wants to join The United States of America?

Svoboda:
Ganduje was making a loud mouthed boast. It's normal tho, to grandstand for your party. But I actually laugh at those who suggest tinubu would get 25 percent in Anambra because of Bianca Ojukwu in 2027. On that day Bianca and all other APC stalwarts won't be able to deliver their compounds for tinubu.

What of your messiah Gringory Obi will he deliver Anambra to The Laborious Party?

As we know charity they say begins @ home, we know for sure that The APC will garner more votes than them in the Anambra governorship election.