A businessman, Michael Ogbole, has sued the First City Monument Bank (FCMB) at the Lagos High Court, demanding $60,206.66 as unpaid commission for facilitating a multi-million-dollar transaction with a U.S.-based company, Sky Enterprise LLC.
In the suit, filed on his behalf by Falana & Falana Chambers and marked LD/ADR/4635/2022, the claimant alleged that the defendant shortchanged him in a deal.
The case, which is scheduled for October 28, 2024, will be heard before Justice O.O. Oshin sitting in Osborne.
The claimant alleged that on June 2, 2016, he met with the then Group General Manager and Chief Executive Officer of the defendant, Mr Ladi Balogun to discuss how he could help the bank secure finance from Sky Enterprise LLC, a Florida-based firm specialising in trade finance, risk, and debt management.
According to the claimant, following their subsequent discussions, he arranged a meeting between Sky Enterprise’s Global Director for Africa, Mr Yinka Akinlabi, and FCMB officials at the bank’s headquarters to structure the trade finance deal on September 2, 2016.
After the meeting, he said, parties exchanged several emails and phone calls to finalise the transaction.
He claimed that in February 2021, he discovered that the defendant had gone ahead with the deal through Sky British, a subsidiary of Sky Enterprise LLC, without his involvement.
In a letter dated October 12, 2021, the businessman, through his lawyers, demanded the payment of $60,206.66, representing a one per cent commission on the $6,020,660, facility secured by the bank from Sky British.
“The defendant has failed to fulfil its contractual obligation to pay the claimant the agreed commission. FCMB’s actions are in breach of the agreement, and they have neglected to settle the amount owed,” he stated.
The claimant, among others, is asking the court to order the bank to pay $60,206.66, plus 21 per cent interest accrued since December 31, 2020, N20 million in general and exemplary damages as well as N5 million for the cost of the suit.
However, in a statement of defence, the bank through its counsel, Prof. Wale Olawoyin (SAN) contended that the suit is a gold-digging exercise by the claimant and as such vexatious, outrageous, lacking in merit and liable to be dismissed with substantial costs.
The defendant stated that sometime in 2016, its former Group Managing Director/Chief Executive Officer was approached by the claimant in a public place, claiming that he had the network to broker Dollar Loans for Nigerian banks.
Subsequently, the claimant, majorly through telephone conversations and emails, and two physical meetings, it stated, held a series of discussions with other top executives of the defendant.
The defendant further stated that the subject of discussion was the possibility of the claimant and his partner, Yinka Akinlabi, purportedly of Sky Enterprises LLC, to facilitate Offshore Dollar loans and/or financing for the purchase of one of the defendant’s customer’s vessels.
The defendant further stated that during its meeting with the claimant and his partner, it was discovered that they did not possess the required capacity, experience and understanding of the international finance market to the extent that they would be able to broker the transaction for which the meetings were convened.
The bank insisted that nobody acting on its behalf at any time made any commitment or agreement, whether in terms of commission or any other method with the claimant, his partner or anybody representing them and urged the court to dismiss the suit.
