FCMB Faces Prophet Omale Defamation Case Settlement While Grappling With Asset Misappropriation Allegations

*Bank resolves defamation damages dispute with Prophet Emmanuel Omale as it confronts accusations of asset theft in separate legal battle

In a legal saga marked by twists and turns, the First City Monument Bank (FCMB) finds itself entangled in two compelling narratives, navigating defamation damages and asset misappropriation allegations concurrently.

Addressing the fallout from a grave error, FCMB has taken a significant step towards amending its relationship with Prophet Emmanuel Omale by depositing N540 million into an interest-bearing account per a court order. The legal entanglement originated from an erroneous deposit of N573 million into Omale’s church account, prompting a defamation lawsuit against FCMB. Despite FCMB’s notice of appeal, the Court of Appeal in Abuja mandated swift payment within 48 hours to forestall contempt proceedings against its Managing Director, Mrs. Yemisi Edun. The court’s decision stemmed from FCMB’s breach of duty, as false claims regarding the funds’ transfer tarnished Omale’s reputation, leading to damages awarded for defamation.

The controversy intertwines with the departure of Ibrahim Magu, former head of Nigeria’s anti-corruption agency, EFCC, with the court’s judgment highlighting the repercussions of unfounded accusations on individuals’ lives and careers.

Simultaneously, FCMB faces allegations of asset misappropriation in a separate dispute involving Chief Aloysius E. Ezenduka’s petition against Mr. Emmanuel Adeyeye Oyebanji, a Senior Advocate of Nigeria appointed Receiver/Manager by CSL Trustees Limited on behalf of FCMB. The accusations revolve around the illicit sale of assets worth N20 billion belonging to Algrain Foods Limited amid a N350 million loan disagreement between the bank and the food manufacturer renowned for its pasta and noodles products.

Ezenduka alleges that Oyebanji and FCMB have clandestinely disposed of the company’s assets, including vehicles and heavy machinery, despite ongoing court proceedings. The petitioner seeks a thorough police investigation to recover the assets and potentially prosecute those implicated should evidence support the claims.