Unpaid commission: Court fixes Feb. 6 for case management conference

Justice O.O. Oshin of the Lagos State High Court in Osborne, Ikoyi, has scheduled a Case Management Conference (CMC) for February 6, 2025, in a suit filed by businessman, Michael Ogbole, demanding $60,206.66 as unpaid commission from First City Monument Bank (FCMB).

The court has already issued notices for the CMC, which requires the physical presence of all parties involved.Ogbole, in suit number LD/ADR/4635/2022, filed by his legal team at Falana & Falana Chambers represented by T.E Olawanle, claimed that FCMB excluded him from a deal.

According to the claimant, on June 2, 2016, he met with FCMB’s Group Managing Director and Chief Executive Officer (CEO), Mr Ladi Balogun, to discuss how he could assist the bank in securing financing from Sky Enterprise LLC, a Florida-based firm specialising in trade finance, risk, and debt management.

Following their conversation, Balogun allegedly directed Ogbole to contact FCMB’s Treasurer, Mr Gerald Ikem, who introduced him to Mr. Nomso Ezenta, Head of Structured Funding and Correspondent Banking, to coordinate the transaction.

Ogbole claimed that on September 2, 2016, 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. 

Present at the meeting, he said, were senior FCMB officials, including other top executives. Afterwards, the parties exchanged several emails and phone calls to finalise the transaction.

However, in February 2021, Ogbole discovered that FCMB had proceeded with the deal through Sky British, a subsidiary of Sky Enterprise LLC, without his involvement. 

On October 12, 2021, Ogbole, through his lawyers, demanded payment of $60,206.66—representing a one per cent commission on the $6,020,660 facility secured by FCMB from Sky British, which the bank rebuffed. 

But, the bank in response through its lawyer, Prof. Wale Olawoyin, contended that the suit is a “gold-digging exercise” by the claimant, and described the claim as vexatious, outrageous, and without merit. 

Subsequently, Ogbole, primarily through telephone conversations, emails, and two physical meetings, engaged in several discussions with other top FCMB executives. 

According to the bank, the discussions centred on the possibility of Ogbole and his partner, Yinka Akinlabi of Sky Enterprises LLC, facilitating offshore dollar loans and/or financing for the purchase of one of FCMB’s customers’ vessels.

The bank claimed that during meetings with Ogbole and his partner, it became clear that they lacked the required capacity, experience, and understanding of the international finance market to broker the proposed transaction.

FCMB further claimed that at no point did the bank, or anyone acting on its behalf, make any commitment or agreement with Ogbole, his partner, or their representatives regarding commission or any other terms.