N5bn Lawsuit: Firm Sues FCMB Over Alleged Breach Of Bank Statement Confidentiality
ABUJA, NIGERIA — First City Monument Bank (FCMB) has been dragged before the High Court of the Federal Capital Territory (FCT) over an alleged unauthorized disclosure of a corporate customer’s bank statement to a third party.
The lawsuit, marked FCT/HC/NY/255/2026, was instituted by First Tirad Global Resources Ltd alongside its majority shareholder and sole signatory, Funmilola Soyebo.
The claimants are demanding N5 billion in general, aggravated, and exemplary damages for breach of confidentiality, negligence, and invasion of privacy.
According to the court filings, FCMB allegedly released First Tirad’s sensitive financial records to an unauthorized third party who possessed no legal mandate or clearance to access the account.
The claimants argue that this unauthorized leak exposed critical commercial details—including rental transactions that compromised privacy by revealing addresses linked to company affiliates.
Furthermore, the plaintiffs allege that the third party went on to use the illegally obtained financial documents as exhibits in separate, ongoing court proceedings, significantly prejudicing their business interests.
In addition to the financial compensation, First Tirad and Soyebo are seeking a formal court declaration that FCMB’s actions violated its fiduciary duties and data protection laws.
They are also praying for a restraining order to prevent the bank from further distributing or utilizing the disputed statements, as well as an order covering their total litigation costs.
FCMB has yet to file its defense, and a hearing date is expected to be fixed by the High Court in due course.
