School Proprietor Drags FCMB To Court Over Sale Of Property, Demands ₦2billion Compensation
The proprietor of Goodwill Private Schools in Ikorodu has vowed to battle FCMB in court over what he calls a brazen act of fraud and collusion against him.
A Lagos-based school proprietor, Pastor Sunday Omonivi Enikuomehin, has filed a ₦2billion compensation claim against First City Monument Bank (FCMB) for what he describes as the illegal sale of his school property.
The proprietor of Goodwill Private Schools in Ikorodu has vowed to battle FCMB in court over what he calls a brazen act of fraud and collusion against him.
In a letter addressed to FCMB’s Group Head, Loan Workout and Recovery Unit, Pastor Enikuomehin’s legal counsel, Benson Enikuomehin & Co (Shalom Chambers) dated March 24, 2025, accused the bank of conniving with a certain Mrs. Olabisi Victoria Olaiya to orchestrate the forced forfeiture of the school premises to the federal government.
Pastor Enikuomehin admitted securing a ₦30 million credit facility from FCMB in 2013 to expand his school. He mentioned that the collateral was a prime piece of land in Ikorodu, documented under a Certificate of Occupancy and a legally binding mortgage agreement executed in 2015.
The letter reads: “To secure this loan, our clients executed a Tripartite Deed Of Legal Mortgage, dated 24 of February, 2015, in favour of your bank. The collateral used to secure the loan was:
“All that piece of land with fixtures and appurtenances thereof situated at Ayegbami Street, off Shagamu Road, Ikorodu Toen in Ikorodu Area of Lagos State , Nigeria and covered by Certificate of Occupancy (C-of-O), dated 27 October, 2000 and registered as No. 51 At Page 51 in Volume 2000N (Certificate of Occupancy) of the Lands Registry in the Office at Ikeja, Lagos State, measuring approximately 3430.709 square metres, the boundaries of which are more particularly marked and delineated in Plan No. LAL/463/AXB/96.
“Your bank proceeded and registered the legal mortgage at the Lands Registry, Alausa, Ikeja as No. 38 at page 38 in Volume 2085 on the 24th of February, 2015.
“At all the material time to this transaction, your bank did not raise any issue with our clients as to whether the proceeds of building the edifices on our clients’ land were that of unlawful activities.
“In fact, the loan secured from your bank is an attestation that monies used in the expansion of the schools were taken from legitimate sources and not from unlawful activity.
Owing to the challenges faced by our clients, the interests of the ₦30 million loan facility had ballooned.
“As a result of the ever increase on the interest of the loan, our client by a letter, dated September 7, 2016, wrote to your bank on the need to sell the Academic Block of Goodwill Private Schools property which comprised the u-shaped, 2-storey building to liquidate the indebtedness.
“Our clients were however categorical in the letter that the sale will be done by them. Paragraph two of the letter reads:
“By this notification, in case your bank gets prospective buyers, the bank may wish to introduce such prospective buyers to us for the sale of the property. We will negotiate the consideration with the buyer.
“Please note that the proceeds from the sale will be channeled through our account with your bank for the purpose of transparency and accountability.” A copy of the letter is herewith attached and marked ‘A’,” he stated.
The counsel stated that, in response to his clients’ letter, FCMB, on October 12, 2016, in a letter signed by the duo of Erhi Matthew (Loan Workout & Recovery) and Azuka Mbuba (RH, Loan Workout and Recovery), agreed to introduce prospective buyers to his clients for the purpose of the sale.
He stated that Paragraph 5 of the letter reads: “Based on the current valuation, the bank will introduce prospective buyers as they indicate interest”. A copy of the letter is hereby attached and marked ‘B’.”
He added that FCMB, in the same letter referred above, put the Valuation Report of GAB Okonkwo & Co, dated 11th October, 2016 of the u-shaped 2- storey building as follows:
“Opinion of Value: We are of the opinion that the Current Market Value of the property as at 11th October, 2016 is in the sum of ₦131.58 million only.”
Enikuomehin however stated that the forced sale value of the property, as at same date, was in the sum of ₦87.72 million only.
“In the meantime and prior to your letter of October 12, 2016, our clients had hired the services of Tunji Ajibade Consulting, (Estate Surveyors, Valuers, Facilities Managers and Consultants) to do the valuation of the property on the 15th of September, 2016.
“The Valuation Report which was submitted on September 19, 2016 stated thusly:
“It is therefore our well-considered professional opinion that the fair market value of the above mentioned property, as at September 19, 2016, is ₦270 million, while the forced sales value is ₦180 million only)”
The legal counsel declared that his clients were fully armed with the glaring disparity in the valuation of FCMB.
“It is noteworthy that your bank never raised any doubt about the property of our clients’ as being proceeds of unlawful activity or proceeds of crime.
“Sometime in August, 2023- seven (7) years after the 2016 valuation- your bank, without recourse to the two letters mentioned above, purported to sell the property of our client to a third party for a paltry sum of ₦90 million only.
“Our clients raised objection to this ridiculous amount and argued that the property was grossly undervalued.
“Our clients further contented that if your bank was not going to have recourse to them in the sale of the property, the bank must follow the proper procedure in mortgaged property.
“It was at this point that our clients were being invited and hounded by the EFCC.
“Very sadly, towards the end of year 2024, your bank and Mrs. Olabisi Victoria Olaiya had effectively instigated and procured the services of the EFCC.
“They contended that our clients’ property was a proceed of unlawful activity or proceed of crime which should be forfeited to the Federal Government of Nigeria for the benefit of Mrs. Olabisi Victoria Olaiva. Find attached and marked ‘C’ are the orders for forfeiture.
“The roles played by your bank in this saga is very unbecoming of a bank. How on earth can the ₦90 million paid to your bank for the purported purchase of our clients property transform into proceeds of crime that our clients used in the construction of the property?
“What is more, could the ₦30 million loan lent to our client in 2013 be termed proceeds of crime? Did your bank get the money from unlawful activity or proceeds of crime to lend same to our client in the expansion of the school?
“Is your bank not aware that the U-shaped 2-storey Building belonging to our client was fully built and completed more than 10 years before the ₦30 million loan facility was taken from your bank?
“At what point did your bank realise that the U-Shaped 2 Storey Building was a proceed of crime or unlawful activity?,” he asked the bank.
Enikuomehin informed FCMB that the valuation Tunji Ajibade Consulting (Estate Surveyors, Valuers etc) carried out on his clients’ property in April, 2023 indicated that the fair market value of the property, as at April 27, 2023, was ₦350 million only, while the forced sale value was ₦247 million only.
“Contrary to reason, bank etiquettes, equity and good conscience, your bank attempted and purported to sell the property to your purchaser for the ridiculous sum of ₦90 million.
“When your bank knew that this could not fly, it colluded with Mrs. Olabisi Victoria Olaiya to procure and instigate the EFCC to seek an order of forfeiture of our clients’ property to the Federal Government of Nigeria for the sole benefit of Mrs. Olabisi Victoria Olaiya.
“What an ingenious step taken by your bank! Your bank has decided to hide behind one finger on this matter.
“Take notice that our clients shall embark on all lawful means, including petitioning appropriate financial institutions (Central Bank of Nigeria inclusive), to look into this untoward conduct of your bank for seek redress.
“This does not preclude legal action against your bank in the appropriate court of law. Our clients shall externalise the issues raised in this letter to the press and the international communities.
“With the active connivance of your bank and Mrs. Olabisi Olaiya, students and teachers have been forced out of Goodwill Private Schools on the spurious allegations that the proceeds of crime/unlawful activity were the ones deployed by our clients to construct the properties. No thanks to your bank!!!
“The injuries caused to our clients are indeed very monumental. Your bank is called upon to pay to our clients the sum of ₦2 billion only as monetary compensation within the next seven (7) days (inclusive of the date herein) for instigating the State (FGN) against our clients without any justifiable reason.
“We shall pursue remedies for our clients against your bank, without fail: no retreat, no surrender until justice is served,” Lola Omeyele, Esq, Head of Chambers Benson Enikuomehin & Co stated in the letter to FCMB.
Things took a dramatic turn when the Economic and Financial Crimes Commission (EFCC) stormed Goodwill Private Schools on February 28, 2025. Armed to the teeth, the operatives reportedly blocked students and staff from accessing the premises, claiming that the property was under investigation.
Eyewitnesses had told SaharaReporters that the EFCC operatives arrived in multiple vehicles, brandishing weapons, and scrawling markings on the school walls. They allegedly threatened to shoot anyone who resisted their orders, leaving students terrified and staff members in shock.
A source revealed that EFCC operatives initially attempted to arrest the school’s Vice Principal, Mr. Ayinla Olalekan, but faced stiff resistance from students and staff.
The determined school community insisted that if the Vice Principal was to be taken, they would all follow the EFCC to Ikoyi. Faced with this unexpected defiance, the operatives backed down.
A dispute between FCMB, Pastor Enikuomehin, and the third-party buyer is at the heart of the matter. Enikuomehin argues that FCMB undervalued the property, sold it without his consent, and then worked with the buyer to manipulate the system by dragging the EFCC into a purely civil matter.
Documents obtained by SaharaReporters reveal that the disputed property was commissioned in 2004 by former Ondo State Governor, Dr. Olusegun Agagu. The school proprietor detailed how multiple bank loans—including ₦15 million from Intercontinental Bank, ₦15 million from the Nigerian Police Cooperative, and ₦40 million from UBA—were used to fund the project.
“How can someone claim that a payment made in 2023 was used to construct a property completed and commissioned in 2004? The EFCC’s case is ridiculous,” a source close to the matter fumed.
Despite these facts, FCMB allegedly colluded with the new buyer, Mrs Olaiya, who petitioned the EFCC, claiming she was defrauded. The EFCC swiftly acted, obtaining a court order for the forfeiture of the school to the federal government.
Legal documents filed at the Federal High Court, Ikoyi, Lagos, indicate that EFCC was well aware that the matter was still pending in court. The agency’s own lawyer, Hannatu Umar Kofarnaisa, reportedly assured the court that the EFCC would not take any action until the next hearing on April 7, 2025.
