By Springnewsng Media Limited – March 25, 2025

A Lagos-based school proprietor, Pastor Sunday Omonivi Enikuomehin, has taken First City Monument Bank (FCMBhttp://Sunday Omonivi Enikuomehin, has taken First City Monument Bank (FCMB) to court, seeking ₦2 billion in compensation for what he describes as an unlawful sale of his school property.

Enikuomehin, the proprietor of Goodwill Private Schools, Ikorodu, claims FCMB, in collusion with Mrs. Olabisi Victoria Olaiya, fraudulently orchestrated the forced forfeiture of his school to the federal government.

Loan Agreement and Property Dispute

According to legal documents, Pastor Enikuomehin secured a ₦30 million loan from FCMB in 2013 to expand his school. The loan was backed by a Certificate of Occupancy and a legally binding mortgage agreement executed in 2015.

Despite financial challenges that increased interest on the loan, Enikuomehin wrote to FCMB on September 7, 2016, proposing to sell a section of the school to settle the debt. FCMB acknowledged this request on October 12, 2016, agreeing to introduce potential buyers for the property.

However, in August 2023, FCMB allegedly sold the property to a third party for ₦90 million, a value Enikuomehin claims was far below market price. According to an independent 2023 valuation, the school’s fair market value stood at ₦350 million, while the forced sale value was ₦247 million.

EFCC Involvement & School Takeover

The dispute escalated when the Economic and Financial Crimes Commission (EFCC), acting on a petition from Mrs. Olaiya, stormed Goodwill Private Schools on February 28, 2025. Heavily armed EFCC operatives reportedly blocked students and teachers from accessing the school premises, claiming it was under investigation.

Eyewitnesses revealed that the EFCC attempted to arrest Vice Principal Mr. Ayinla Olalekan, but students and staff resisted, forcing the operatives to retreat.

Legal Action & ₦2 Billion Compensation Demand

Documents filed at the Federal High Court, Ikoyi, Lagos, show that FCMB and Mrs. Olaiya petitioned the EFCC, alleging the school was built with proceeds of crime—a claim Enikuomehin strongly denies. He insists the school was commissioned in 2004 and funded through multiple bank loans, including:

• ₦15 million from Intercontinental Bank
• ₦15 million from the Nigerian Police Cooperative
• ₦40 million from UBA

“How can a payment made in 2023 be used to construct a school completed in 2004?” a source close to the case questioned.

Enikuomehin’s lawyers argue that FCMB’s actions are a breach of financial ethics and have caused irreparable damage to the school community. The proprietor has given FCMB seven days to pay ₦2 billion in damages or face further legal action.

What’s Next?

The case is now in court, with the next hearing scheduled for April 7, 2025. Legal experts believe the outcome could set a major precedent for mortgage disputes and banking ethics in Nigeria.

Stay tuned for updates on this high-profile legal battle between Goodwill Private Schools and FCMB.

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