A businessman, Michael Ogbole, has sued First City Monument Bank at a Lagos State High Court in Lagos, demanding $60,206.66 as unpaid commission for allegedly facilitating a multi-million-dollar transaction with a United States-based company, Sky Enterprise LLC.
Ogbole, in the suit, filed by Falana & Falana Chambers accususe FCMB of circumventing him in the deal.
The claimant alleged on June 2, 2016, he met with FCMB’s Group General Manager and Chief Executive Officer, Ladi Balogun, to discuss how he could help the bank secure finance from Sky Enterprise, a Florida-based firm specialising in trade finance, risk, and debt management.
Following their discussion, Balogun allegedly directed him to contact FCMB’s Treasurer, Gerald Ikem, who introduced him to Nomso Ezenta, head of Structured Funding and Correspondent Banking, to coordinate the transaction.
The businessman said on September 2, 2016, he arranged a meeting between Sky Enterprise’s Global Director for Africa, Yinka Akinlabi, and FCMB at the bank’s headquarters to structure the deal.
The claimant said those present were top FCMB executives. After the meeting, the parties exchanged emails and phone calls to finalise the transaction.
However, in February 2021, the businessman discovered FCMB went ahead with the deal through Sky British, a subsidiary of Sky Enterprise, without his involvement.
He claims this was confirmed by FCMB’s Annual Report and Financial Statements of December 31, 2020.
In a letter of October 12, 2021, the businessman demanded $60,206.66, representing one per cent commission on the $6,020,660, facility secured by FCMB from Sky British. After FCMB failed to respond, another demand letter was sent on January 19, 2022. Despite these efforts, the businessman claimed FCMB has refused to pay.
FCMB, through its lawyer, Wale Olawoyin, said the suit lacks merit, admitting that in 2016, Ladi Balogun was approached by the claimant, claiming he can broker dollar loans for banks.
Subsequently, the bank said the claimant, through phone conversations, emails, and two meetings, held discussions with other FCMB executives.