By Ihechi Enyinnaya
The management of Goodwill School in Ikorodu, Lagos, has given First City Monument Bank (FCMB) a seven-day ultimatum to pay N2 billion in damages for alleged wrongful actions that have caused significant harm to the school.
In a letter dated March 24, 2025, from the law firm Benson Enikuomehin & Co., the school accused FCMB of instigating the Economic and Financial Crimes Commission (EFCC) against it without valid grounds.
The school acknowledged that in 2013, it obtained a N30 million loan from FCMB to fund infrastructure expansion. To secure the loan, a Tripartite Deed of Legal Mortgage was executed on February 24, 2015, using the school’s property as collateral, and the First Mortgage was duly registered. At no point did FCMB question the legitimacy of the school’s funds, and the loan’s approval confirmed that the funds used for expansion were from lawful sources. However, due to financial difficulties, the interest on the loan accumulated significantly.
On September 7, 2016, the school proposed to FCMB the sale of an academic block—a U-shaped, two-story building—as a way to settle the debt. The school offered to handle the sale, with FCMB agreeing to introduce potential buyers. On October 12, 2016, the bank accepted the proposal and agreed to assist with finding buyers.
A valuation from GAB Okonkwo & Co. on October 11, 2016, placed the property’s market value at N131.53 million, with a forced sale value of N87.72 million. However, a separate valuation by Nunn Anbade Consulting on September 19, 2016, assessed the property’s market value at N270 million, with a forced sale value of N180 million, revealing a significant discrepancy.
Despite this, FCMB sold the property to a third party in August 2023 for just N90 million, far below its assessed value. The school protested the undervaluation and urged the bank to follow proper procedures for selling mortgaged property.
Instead of addressing these concerns, FCMB allegedly colluded with Mrs. Olabisi Victoria Olaiya to involve the EFCC, resulting in harassment and claims that the school’s property had been acquired through unlawful means. By the end of 2024, FCMB and Mrs. Olaiya were reportedly working with the EFCC to push for the forfeiture of the property to the Federal Government of Nigeria for Mrs. Olaiya’s benefit. This action was not only unjust but also contradictory, as the N90 million paid for the property was being presented as proceeds of crime, despite the original N30 million loan from FCMB being lawful.
A 2023 valuation by an estate firm in Ibadan estimated the property’s fair market value at N350 million, with a forced sale value of N247 million—far higher than the N90 million FCMB sold the property for. When the sale faced resistance, the bank allegedly conspired with Mrs. Olaiya to manipulate legal channels for an unjust forfeiture.
In light of the severe damage caused by FCMB’s actions, including the forced eviction of students and teachers from Goodwill Private Schools, the school’s management is demanding N2 billion in compensation within seven days of the letter’s date. The school has pledged to explore all legal and regulatory options, including petitioning the Central Bank of Nigeria to expose FCMB’s conduct and seek justice.