Proprietor of Goodwill Private Schools demands N2bn compensation from FCMB for illegal sale of building

March 24, 2025.

The Group Head,
FCMB Loan Workout and Recovery Unit,
25B, Ilupeju Bypass,
Ilupeju,
Lagos.

ATTENTION: AZUKA MBUBA

Dear Sir,

FORFEITURE TO THE FEDERAL GOVERNMENT OF NIGERIA THE U-SHAPED 2 STOREY BUILDING LOCATED WITHIN GOODWILL PRIVATE SCHOOLS AT AIYEGBAMI STREET, OFF SHAGAMU ROAD, EYITA, IKORODU LOCAL GOVERNMENT, LAGOS STATE USED AS COLLATERAL TO SECURE N30,000,000.00 (THIRTY MILLION NAIRA) CREDIT FACILITY FROM FIRST CITY MONUMENT BANK (FCMB)

*CONNIVANCE OF YOUR BANK WITH ONE MRS. OLABISI VICTORIA OLAIYA TO PROCURE AND INSTIGATE THE ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC) TO FORFEIT THE PROPERTY TO THE FEDERAL GOVERNMENT OF NIGERIA (FGN).

We act as solicitors to Pastor Sunday Omoniyi Enikuomehin and Goodwill Private Schools Limited (hereinafter called ‘our clients’) on whose express instructions we write to your bank in respect of the above subject matter.
It is not in dispute that sometime in the year 2013, our clients took a N30,000,000.00 (Thirty Million Naira only) credit facility from your bank to finance the expansion and development of the infrastructures of the schools.
To secure this loan, our clients executed a TRIPARTITE DEED OF LEGAL MORTGAGE dated 24th of February, 2015 in favour of your bank. The collateral used to secure the loan was:
“ALL THAT PIECE OR LAND WITH FIXTURES AND APPURTENANCES THEREOF SITUATED AT AYEGBAMI STREET, OFF SHAGAMU ROAD, IKORODU TOWN IN IKORODU AREA OF LAGOS STATE, NIGERIA AND COVERED BY CERTIFICATE OF OCCUPANCY DATED 27TH 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 N30,000,000.00 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.” (Underlined is ours) A copy of the letter is herewith attached and marked ‘A’.
“In response to our clients’ letter, your bank, 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 our clients for the purpose of the sale. Paragraph 5 of the letter reads:
“Based on the current valuation, the Bank will introduce prospective buyers as they indicate interest” (Underlined is ours).A copy of the letter is hereby attached and marked ‘B’
“Your letter dated October 12, 2016 referred to 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: ONE HUNDRED AND THIRTY ONE MILLION, FIVE HUNDRED AND EIGHTY THOUSAND NAIRA (N131,580,000.00) ONLY
“We are further of the opinion that the FORCED SALE VALUE of the property as at same date is in the sum of: EIGHTY SEVEN MILLION, SEVEN HUNDRED AND TWENTY THOUSAND NAIRA (N87,720,000.00) 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 N270,000,000.00 (Two Hundred and Seventy Million Naira Only) while the Forced Sales Value is N180,000,000.00 (One Hundred and Eighty Million Naira Only)”
“Our clients were fully armed with the glaring disparity in the valuation of your bank.
“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 3rd party for a paltry sum of N90,000,000.00 (Ninety Million Naira 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, contending 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 Olaiya. 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 N90,000,000.00 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 N30,000,000.00 Naira 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 N30,000,000.00 loan facility taken from your bank?
“At what point did your bank realize that the U-Shaped 2 Storey Building was a proceed of crime or unlawful activity?
Be informed that the valuation Tunji Ajibade Consulting (Estate Surveyors, Valuers etc) carried out on our clients’ property in April, 2023 indicated that the Fair Market Value of the property as at April 27, 2023 was N350,000,000.00 (Three Hundred and Fifty Million Naira only) while the Forced Sale Value was N247,000,000.00 (Two Hundred and Forty Seven Million Naira 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 N90,000,000.00. 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 N2,000,000,000.00 (Two Billion Naira ) 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.
Yours faithfully,
For: BENSON ENIKUOMEHIN & CO

Lola Omoyele, Esq
Head of Chambers