…….. Issues Seven-Day Ultimatum
The management of Goodwill School, located in Ikorodu, Lagos, has issued a seven-day ultimatum to First City Monument Bank (FCMB) to pay N2 billion in damages for alleged wrongful actions that have severely impacted the school.
In a letter dated March 24, 2025, from the law firm Benson Enikuomehin & Co, the school accused FCMB of instigating the Economic and Financial Crimes Commission (EFCC) against it without any justifiable reason.
The school acknowledged that in 2013, it secured a N30 million loan from FCMB to finance infrastructure expansion.
To secure the loan, a Tripartite Deed of Legal Mortgage was executed on February 24, 2015, using the school’s property as collateral. The bank subsequently registered the First Mortgage with the relevant authorities. At no point during the transaction did FCMB question the legitimacy of the school’s funds.
The approval of the loan itself confirmed that the money used for expansion was from lawful sources. However, due to financial challenges, the interest on the loan accumulated significantly.
On September 7, 2016, the school wrote to FCMB, proposing to sell an academic block—a U-shaped, two-story building—to settle the debt.
The letter stated that while the school would handle the sale, the bank could introduce potential buyers.
FCMB responded on October 12, 2016, agreeing to introduce interested buyers.
A valuation by GAB Okonkwo & Co. on October 11, 2016, placed the current market value of the property at N131.53 million and the forced sale value at N87.72 million.
However, an independent valuation by Nunn Anbade Consulting on September 19, 2016, assessed the market value at N270 million and the forced sale value at N180 million, highlighting a significant discrepancy.
Despite this, in August 2023—seven years later—FCMB sold the school’s property to a third party for just N90 million, far below its assessed value.
The school protested the undervaluation and insisted that the bank follow proper procedures in the sale of mortgaged property.
Instead of addressing these concerns, FCMB allegedly colluded with Mrs. Olabisi Victoria Olaiya to involve the EFCC, leading to harassment and allegations that the school’s property was acquired through unlawful means.
By the end of 2024, FCMB and Mrs. Olaiya had allegedly worked with the EFCC to push for the forfeiture of the property to the Federal Government of Nigeria for Mrs. Olaiya’s benefit. This move was not only unjust but also contradictory—how could the N90 million paid for the property suddenly be considered proceeds of crime? Furthermore, if the N30 million loan from FCMB in 2013 was unlawful, then FCMB itself must answer for lending “proceeds of crime.”
A 2023 valuation conducted by an Ibadan-based estate firm estimated the fair market value of the property at N350 million, with a forced sale value of N247 million—yet FCMB attempted to sell it for just N90 million. When this plan met resistance, the bank allegedly conspired with Mrs. Olaiya to manipulate legal channels for an unjust forfeiture.
Given the severe damage caused by FCMB’s actions, including the forced eviction of students and teachers from Goodwill Private Schools, the management is demanding N2 billion in compensation within seven days, inclusive of the date of the letter.
The school management has vowed to pursue all legal and regulatory avenues, including petitioning the Central Bank of Nigeria to expose FCMB’s actions and seek justice.