Court Orders FCMB To Deposit N540 Million Damages In Favour Of Prophet Omale Over Defamation Case
In a recent development, the Abuja division of the Court of Appeal has issued a directive requiring the First City Monument Bank (FCMB) to pay damages amounting to N540 million in favor of Prophet Emmanuel Omale and his wife, Deborah. The damages are related to allegations of defamation surrounding an N2 billion property damage case.
The unanimous ruling, delivered by Justice Mohammed Shuaibu, specified that the N540 million should be deposited into an interest-yielding bank account held by the Chief Registrar of the court. This decision is outlined in the Certified True Copy of its Enrolled Order, dated February 2, 2024, and cited on February 4, 2024.
The conditional stay of execution on the payment of damages was granted by the appellate court, pending the determination of FCMB’s appeal in the matter. FCMB had previously appealed against the judgment of Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court in Abuja, seeking to overturn the verdict requiring the payment of N540 million in damages.
The Court of Appeal also instructed FCMB to deposit the specified amount with the Court Registrar’s account within 48 hours of the ruling. The bank had sought a stay of execution and requested the appellate court to restrain the Omales from enforcing the judgment.
The legal battle stems from allegations against FCMB, accusing the bank of falsely claiming that Prophet Omale and his wife laundered N573 million for the former Acting Chairman of the Economic and Financial Crimes Commission (EFCC), AIG Ibrahim Magu (rtd). In response to the initial judgment by Justice Yusuf Halilu, FCMB filed an appeal, raising constitutional and legal issues.
The Court of Appeal’s decision is considered a conditional stay, with the condition being the deposit of the N540 million into an interest-yielding bank account. The case has been adjourned to a future date to be communicated to counsel by the registry.
In opposition to FCMB’s motion for a stay of execution, the Omales argued that the bank’s application was brought in bad faith to delay the enjoyment of the judgment. The Omales further insisted on a conditional stay, requiring FCMB to deposit the judgment sum within 48 hours into an interest-yielding bank account designated by the Chief Registrar of the Court.
This legal saga originated from an October 2022 judgment by Justice Yusuf Halilu, who ordered FCMB to pay N540.5 million damages to Prophet Omale and his wife, Deborah, over false claims of money laundering. The judgment highlighted FCMB’s breach of duty of care to the claimants and awarded specific damages, aggravated damages, and general damages.
The case underscores the complex legal terrain as FCMB seeks redress through the appellate process, and the Omales pursue justice for the reputational harm caused by the bank’s actions.
