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Firms Slam N7bn Suit on FCMB over Breach of Contract
Two limited liability companies, Sunlek Investment Limited and Sunsteel Industries Limited have slammed a N7billion suit on First City Monument Bank (FCMB) Plc over alleged breach of contract.
In a 126 -paragraph of statement of claim accompanied by 27 paragraphs of a witness’ sworn oath and filed before a Federal high court sitting in Lagos south west Nigeria by a Lagos lawyer, Mr. John Olusegun Odubela SAN ,the two companies alleged that they operated loan accounts with First City Monument Bank. It was from there disbursement was made for all letters of credit /loan facility granted to them by the bank for the importation of raw materials.
However since 23rd May, 2013 when the bank entered into an agreement to grant them loan, and open a loan facility account for them till date, they have not been given the particulars of the loan facility account neither has any statement of account of this loan account been made available to them.
The companies alleged further that by a commitment letter dated 23rd May,2013 and the term sheet for facility duly signed /executed by the two parties, FCMB committed and undertook to fund on fully-underwriten basis the debt finance (importation of goods) of $1.5 million and N422.5 million .Thereafter other loans facilities were granted to the companies by the bank.
The total amount of the letters of credit opened by the bank in favour of the companies is $8 million out of which sum the companies contributed 10% based on the terms of the grant of the various offers for facility utilized to open letters of credit from 22nd ,March 2013 to September, 2017. The loans facilities were well secured.
The companies contended that from the available records available to them,it was reflected that they have fully repaid their indebtedness to the Bank
However the companies were bewildered when they received the bank’s letter that their indebtedness to the bank as at 14th of March,2019 was in the sum of N1.1 billion that the debt should be liquidated within 14 days,despite the fact that they had fully repaid the loan they took from the bank.
Consequently, they engaged the services of an accounting firm to audit their account,the plaintiff by their letter and their solicitor’s letter requested for statements of accounts of the loan accounts from the bank, but the bank deliberately failed to make available the said statement of account.
However from the forensic analysis of their accounts, the plaintiffs contended that they are not in any way indebted to the bank.
From the forensic audit report it was discovered that there were two transactions carried out on letter of credit, wherein substantial volume of the product were damaged. The value of items purchased by the letters of credit was in the sum of $2million for the importation of cold rolled steel strips, galvanized steel strips and Zinc wire from Chemetals(HK) limited Unit 1105H/F Lippo Center 89,Queens Way Hong Kong.
FCMB is solely and unilaterally liable to undertake all the risk Insurance policy Clause A for the consignment/raw material to be imported by virtue of the letter of credit.
The bank solely negotiated insurance policy obtained for the products purchased and appointed Mansard Insurance Plc to provide insurance cover Clause C for the importation of the consignment.
Upon taking delivery of the consignment after payment of custom duties and port charges, it was discovered that large volumes of the said consignments were in various forms of damaged conditions.
The companies informed the bank about the damaged consignment and the need to pursue insurance claim for the damage,the bank requested for documents which were presented to them to pursue the claim.
However, the agent of the bank sent a report to the companies to inform them that from the nature of damages to some of the products, the insurance policy, being a Clause C policy as undertaken by the bank is not sufficient to cover the nature of loss from the said damages to the products. The total value of the consignment damaged is in the sum of $628,386.23 and N336.1 million.
The bank ought to have undertaken an all risk insurance policy cover with the insurance company. As a result of the damages to the consignment,they were not fit for use and could not be refined in the plaintiffs machine and remained in the factory as junk or waste material.
The companies averred that they had suffered financial loss as a result of the breach of contract in the sum of N884.9 million which has negatively affected their business operation since 2014 till date. They averred that they are entitled to claim damages for breach of contract against the bank that had by its various acts of breaches of the various letters of offer for facility caused great loss to their business.
Consequently the companies’ claim against FCMB jointly and severally are as follows :
General damages in the sum of N5billion.
A declaration that the plaintiffs are not indebted to the bank in any sum premised on the fact that they had settled all their indebtedness on the facilities granted to them by the bank.
A declaration that the bank breached the terms of letter of credit and is liable for the loss of the letters of offer on importation, in the sum of $2million.
A declaration that the bank is liable to refund to the plaintiffs N884.9 million,being the losses uncured on the damaged consignment purchased through letters of credits,and failure and refusal of the bank to obtain an all risk insurance policy for the shipment of the said consignment.
An order for the payment of N826.9 million being the total sum wrongly debited on the companies’ account by the bank.
An order of the court restraining FCMB from appointing and or registering any instrument of appointment of an official receiver or any instrument whatsoever made for the purpose of enforcing the security for the payment of alleged indebtedness in the sum of N1.1 billion being allegedly claimed against the plaintiffs by the bank .
Cost of litigation assessed at N250million
Former Vice President Atiku Abubakar demanded the immediate and unconditional release of Abubakar Salim Musa (known as @AM_Saleeeem on X), a prominent critic of President Bola Tinubu’s administration.
Atiku’s statement characterized the arrest as part of a “growing crackdown on dissent” and warned that such repression threatens Nigeria’s democratic future as the nation approaches a critical general election period.
Atiku made the call in a statement issued on Monday, following a report by Amnesty International Nigeria on the arrest of the young Nigerian on Sunday, January 11, 2026.
“This case is yet another stark example of the repressive nature of the President Bola Tinubu administration, which continues to bare its fangs against dissent, whether expressed through public protests or online criticism,” Atiku said.
According to him, Musa’s only offence was his persistent criticism of the worsening security situation in Northern Nigeria and across the country.
“Abubakar’s only ‘offense’ was his consistent and legitimate criticism of the deteriorating security situation in Northern Nigeria and across the country,” he stated.
Rather than engage with the concerns raised, Atiku said the government resorted to intimidation and prosecution.
“Instead of addressing these serious concerns, the government’s response has been to arrest him and subject him to what Amnesty International rightly describes as ‘bogus charges and a sham trial,” he added.
The former vice president stressed that Musa’s arrest was not an isolated incident, noting that several Nigerians had suffered similar treatment for expressing dissent.
“Numerous Nigerians, including journalists, schoolchildren, entertainers and even NYSC members, have faced arrest, assault and intimidation simply for criticising the President or members of his family,” Atiku said.
He warned that such actions pose a grave threat to Nigeria’s democratic foundations.
“This dangerous trend undermines the very foundations of democracy, which rest on the protection of fundamental human rights and freedom of expression,” he said.
Atiku further argued that Nigeria’s democratic credentials were being eroded by the continued repression of critics.
“Nigeria cannot claim to be part of the free world while its citizens are routinely arrested, assaulted and intimidated for voicing criticism of their government,” he stated.
With general elections approaching, Atiku cautioned against an atmosphere of fear and repression.
“As the nation approaches a critical general election, neither the people nor the opposition can operate effectively in an atmosphere of fear and repression,” he warned.
He demanded the immediate and unconditional release of Musa and others detained for exercising their constitutional rights.
“I call on the Tinubu administration to immediately and unconditionally release Abubakar Salim Musa and all others detained for exercising their constitutional rights,” Atiku said.
He also urged the government to halt arbitrary arrests and intimidation, while calling on the international community to intervene.
“I urge the international community, particularly countries and organisations that champion democracy and human rights, to hold the Tinubu regime accountable and demand an end to these violations,” he said.
Atiku concluded by calling on Nigerians and civil society groups to resist any further erosion of civil liberties.
“I encourage fellow patriots, civil society groups and all Nigerians of conscience to join this demand and stand firmly against any further erosion of our freedoms,” he added.
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
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