FCMB in Hot Soup Over Fraudulent Takeover of Company’s Assets
Renowned financial institution First City Monument Bank (FCMB) has been dragged before a federal high court for allegedly obtaining the certificate of registration of a deed of all debenture belonging to ASI Building Systems Limited through fraudulent means.
The aggrieved construction company also named The Corporate Affairs Commission (CAC) and its registrar as co-defendants for allegedly conniving with the bank carry out the fraudulent activity.
While renewing legal hostilities which has been going on against the bank for some time, the company filed an amended statement of claim alleging that FCMB, acting under the pretext of liquidating the company’s alleged indebtedness to the bank, deceitfully obtained and registered a deed of all asset debentures against the company’s total assets valued at ₦7.5 billion.
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