Customer Drags FCMB To Court

A Nigerian businessman, Mr. Richard Owadara, residing in London has dragged First City Monument Bank Plc, FCMB, before a Federal High Court in Lagos, southwest Nigeria, over the bank’s failure to procure for him a company shares, which he paid for.

In his statement of claim filed before the court by a Lagos lawyer, Barrister M.A Bello, the plaintiff alleged that sometime in September, 2008 he negotiated with First City Monument Bank Plc branch at Airport Road, Ajao Estate, which claimed to be stock brokers to African Petroleum for the purchase of 1,000 units of the oil company’s shares valued at N250,000.

The bank agreed to purchase the said shares for him and he paid the agreed sums of N250,000 via the bank’s deposit teller number 35112068 dated 29 September, 2008

The plaintiff further averred that he made the payment after filing the applications form for the purchase of the African Petroleum shares given to him by a staff of the bank while the N250,000 he paid was received by Mr. Olateju, a staff of the bank.

However, Mr. Owadara averred that sometime in 2009, he went to African Petroleum registrar at its office at 2A, Gbagada Expressway, Anthony Village, to confirm if his shares have been registered but was surprised to discovered that the shares he apid for were not recorded at the registrar’s system.

He said then went back to the banks branch office at Ajao-Estate and met Mr. Olateju to inquire about the purchase of the shares, and Mr. Olateju told him that the shares had been registered with African Petroleum.

According to him, when he came to Nigeria from London to collect the certificate, the registrar told him again that his name could not be located in their system, and he was again directed to the bank.

On his visit to the bank, the Manager, Mr. Edward Nwodo, promised to look into the matter and ensure that it is ratified before he travel back to London where he resides but nothing was done.

There after, his solicitor, M.A. Bello, wrote two letters to the bank, intimating it of his claim and his intention to go to court to recover same, the legal department of the bank replied his letter and requested for a copy of the deposit slip and a completed share application form to substantiate his claim. He replied the bank’s letter and attached a copy of the deposit slip and a completed share application form as requested by the bank.

The plaintiff agreed that the head of legal department of the bank, Olugbenga Elemide, held a meeting with his solicitor, Sunday Chibudo, from M.A Bello’s Chambers in which the bank decided to do something to compensate him but all to no avail. Thereafter, efforts by the plaintiff to recover the certificate proved abortive.

In view of these, the plaintiff is asking for the following:

•The court’s declaration that the refusal of the bank to purchase the shares is wrong, illegal and injurious to him.

•An order of the court directing the bank to pay him N250,000 being the money he paid for the shares which the bank neglected to purchase or return the money back to him and;

•An order directing the bank to pay him the sum of N3.4 million as cost of dividend, interest accruable, special damages, and cost of this legal action.

The bank is yet to file its defence.