Firm sues bank over loss of land documents
A waste management firm has filed an action against the First City Monument Bank (FCMB) Ltd before an FCT High Court seeking an order to compel the bank to release its land documents used for N14.4 million loan collateral. Squaremax Ltd brought the action through its lawyer, Abu Arome Esq demanding the bank to indemnify […]
federal high court lagos
A waste management firm has filed an action against the First City Monument Bank (FCMB) Ltd before an FCT High Court seeking an order to compel the bank to release its land documents used for N14.4 million loan collateral.
Squaremax Ltd brought the action through its lawyer, Abu Arome Esq demanding the bank to indemnify the company for all financial losses suffered as a result of the misplacement of the Deed of Assignment, including the cost of obtaining a replacement title where possible.
Squaremax demanded the sum of N50 million as general damages and the sum of N20 million for the hardship, financial loss, and reputational damage suffered due to the bank’s negligence.
He sought among other declarations, that the “defendant (FCMB)’s failure to return the claimant’s original Deed of Assignment after liquidation of the loan constitutes gross negligence, breach of duty, and fundamental breach of contract.”
In a statement of claim, Daniel Olisa Okwuchi, a director in the company, who is the beneficial owner of the land known as Oluwo Oduikan Family Land, Ikorodu Town, Ikorodu Local Government Area of Lagos State, which is present-day No 25 Isaac Salome Street, Owutu, Ikorodu, Lagos, averred that it was used as collateral for the loan facility.
The claimant further avers that before the loan approval, on February 19, 2022, it deposited the sum of N1.6 million to a truck vendor, Jayneyo Mult Concept Ltd and used the loan to purchase the truck with registration number: ABC 356 XF, an insurance policy with Cornerstone Insurance, which it deposited, including the original registration papers and Firm sues FCMB over loss of land documents
A waste management firm has filed an action against the First City Monument Bank (FCMB) Ltd before an FCT High Court seeking an order to compel the bank to release its land documents used for N14.4 million loan collateral.
Squaremax Ltd brought the action through its lawyer, Abu Arome Esq demanding the bank to indemnify the company for all financial losses suffered as a result of the misplacement of the Deed of Assignment, including the cost of obtaining a replacement title where possible.
Squaremax demanded the sum of N50 million as general damages and the sum of N20 million for the hardship, financial loss, and reputational damage suffered due to the bank’s negligence.
He sought among other declarations, that the “defendant (FCMB)’s failure to return the claimant’s original Deed of Assignment after liquidation of the loan constitutes gross negligence, breach of duty, and fundamental breach of contract.”
In a statement of claim, Daniel Olisa Okwuchi, a director in the company, who is the beneficial owner of the land known as Oluwo Oduikan Family Land, Ikorodu Town, Ikorodu Local Government Area of Lagos State, which is present-day No 25 Isaac Salome Street, Owutu, Ikorodu, Lagos, averred that it was used as collateral for the loan facility.
The claimant further avers that before the loan approval, on February 19, 2022, it deposited the sum of N1.6 million to a truck vendor, Jayneyo Mult Concept Ltd and used the loan to purchase the truck with registration number: ABC 356 XF, an insurance policy with Cornerstone Insurance, which it deposited, including the original registration papers and custom duty.
“That on the 20th of September 2024, upon full liquidation of the principal sum and interest loan, the defendant issued a Letter of Non-Indebtedness dated 4th October 2024, confirming that the claimant had fulfilled all its obligation under the loan agreement,” Abu Arome stated.custom duty.
“That on the 20th of September 2024, upon full liquidation of the principal sum and interest loan, the defendant issued a Letter of Non-Indebtedness dated 4th October 2024, confirming that the claimant had fulfilled all its obligation under the loan agreement,” Abu Arome stated.