FCMB Seizes Assets Worth Billions Over N4.4bn Debt Following Court Ruling

According to Ireporter Online, First City Monument Bank Limited (FCMB) has taken control of properties and assets belonging to Bankers Warehouse Limited, Vandt Investment Limited, and Mr. Victor Hammond following a Federal High Court order in Lagos. The court, presided over by Justice Aneke, issued the directive over an alleged debt of N4.4 billion owed to the bank.

The enforcement of the order was executed by court sheriffs with the support of security personnel. FCMB appointed Nick Omeye as the receiver, with police protection provided to ensure smooth execution. The seized assets had been used as collateral for loans guaranteed by Mr. Hammond.

Among the properties taken is a Victoria Island, Lagos property at No. 15 Korimu Kotun Street, registered under Land Certificate LO 7649, secured by a Deed of Tripartite Legal Mortgage dated April 14, 2013. Additionally, FCMB assumed control of Bankers Warehouse’s property at 12C Bompai Road, Kano, along with associated legal documents, and another property at Plot 715, Gwarimpa, Abuja. Vehicles, plants, and machinery linked to the company were also placed under the receiver’s authority.

The court further issued a Mareva injunction preventing 19 major banks, including Guaranty Trust Bank, Zenith Bank, Fidelity Bank, Polaris Bank, UBA, Access Bank, Ecobank, and Providus Bank, from transferring or dealing with over N4.1 billion connected to the defendants. The injunction mandates that the funds remain under court supervision pending the outcome of the case.

The banks restrained by the injunction have also been instructed to provide sworn statements within 14 days detailing the total funds in their possession belonging to the first and third defendants. Authorities confirmed that the enforcement process proceeded efficiently, with full compliance ensured by the receiver, court officials, and law enforcement.