A Lagos High Court has fixed February 6, 2025, for a Case Management Conference (CMC) in a lawsuit filed by businessman Michael Ogbole against First City Monument Bank (FCMB).
The suit, filed at the Lagos State High Court in Osborne, Ikoyi, is presided over by Justice O.O. Oshin. The court has already issued notices mandating the physical presence of all parties.
Ogbole, through his lawyers at Falana & Falana Chambers, is demanding $60,206.66 as commission for facilitating a deal between FCMB and Sky Enterprise LLC, a Florida-based firm specializing in trade finance.
Accusations of Breach of Contract
The businessman alleges that FCMB excluded him from the transaction despite his pivotal role in securing a multi-million-dollar facility for the bank.
According to court documents, Ogbole met with FCMB’s former Group Managing Director, Ladi Balogun, in 2016 to discuss opportunities to secure financing. Balogun reportedly directed Ogbole to work with FCMB executives to coordinate the deal.
Ogbole claims he introduced Sky Enterprise’s Global Director for Africa, Mr. Yinka Akinlabi, to FCMB officials at the bank’s headquarters. Meetings were held, and correspondence ensued between the parties to finalize the arrangement.
However, Ogbole discovered in February 2021 that FCMB had allegedly concluded the deal through Sky British, a subsidiary of Sky Enterprise LLC, without informing him.
The $60,000 Commission Dispute
Ogbole claims the deal resulted in FCMB securing a $6,020,660 facility from Sky British, entitling him to a 1% commission of $60,206.66.
He stated that the transaction was reflected in FCMB’s 2020 Annual Report. Despite multiple demand letters sent in 2021 and 2022, FCMB allegedly failed to pay him.
In addition to the commission, Ogbole is seeking damages of N20 million for breach of contract, N5 million for litigation costs, and 21% interest on the unpaid amount.
FCMB Fires Back
FCMB, represented by Professor Wale Olawoyin SAN, has dismissed the claims as baseless.
The bank’s counsel described the lawsuit as a “gold-digging exercise” and stated that Ogbole lacked the expertise to facilitate the deal.
FCMB acknowledged initial discussions with Ogbole in 2016 but claimed no formal agreement was ever reached.
According to the bank, Ogbole approached Balogun informally, offering to broker dollar loans for FCMB and its customers. The proposal involved securing offshore financing for the purchase of a vessel.
During subsequent meetings, FCMB executives allegedly found that Ogbole and his partner, Yinka Akinlabi, lacked the required capacity and understanding of international finance to deliver on the transaction.
Key Arguments in Court
The claimant argues that FCMB acted in bad faith by proceeding with the transaction while cutting him out.
“This is a clear case of breach of trust and contract,” Ogbole’s legal team asserted in court filings.
Meanwhile, FCMB contends that no agreement was made regarding commissions or any financial reward.
The bank insists it owes Ogbole nothing and has asked the court to dismiss the case with substantial costs to deter similar claims in the future.
