Breach Of Performance: FCMB Dragged To Court


A federal high court sitting in Lagos, southwest Nigeria, has adjourned till after the court’s vacation, a breach of performance suit filed before it by a Nigerian businessman, Mr. Richard Owadara, against First City Monument Bank, FCMB.

Mr. Owadara, a Nigerian businessman based in London, in a statement of claim filed on his behalf by the law firm of M.A Bello alleged that sometime in September, 2008, he negotiated with First City Monument Bank Plc, FCMB, branch office at Airport Road, Ajao Estate, who claimed to be stock brokers to African Petroleum for the purchase of 1,000 unit of African petroleum shares valued at N250,000

The plaintiff, alleged further that he paid N250,000 after filing the application form given to him by the staff of FCMB. The application form was received by one Olateju, a staff of the bank.

Thereafter, the plaintiff alleged further that in March, 2009 he went to African Petroleum’s registrar at its office at 2A, Gbagada Expressway, Anthony Village, Lagos, to confirm what the bank told him that his shares have been registered but was surprise to discovered that the shares he has paid for were not recorded at the AP system.

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On his second visit to Nigeria, he went back to the bank where the branch Manager, Mr. Edward Nwodo, promised to look into the matter and make sure that the abnormally was ratified, but nothing was done. Consequently, he instructed his lawyer to write the bank, but the bank did not come up with a better option on how to settle the matter amicably but rather kept on posting his solicitors with vein promises which were never fulfilled.

Therefore, the plaintiff’s claims against the defendant are as follows:

An order directing FCMB to pay the sum of N250,000 being the sum paid to the bank for the purchase of AP shares which were neither purchased or returned to him.

The sum of N2 million as general and special damages for the bank’s negligence.

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