FCMB in car sale scandal

This is not the best of time for First City Monument Bank, FCMB, as the financial institution is caught in a scam involving John Edema, a Marketing Manager with the bank’s branch in Effurun, Delta State.

According to Omotunde Adenusi, a Trade marketing manager of British American Tobacco, BAT, in Warri, Delta State, he had no problems with FCMB in all his financial transactions until now.

He was approached by Edema, an employee of FCMB, Effurun, Warri 2 branch to purchase a Honda HRV 2000 model confiscated from another client of the same bank (names withheld), who defaulted in his loan repayment.

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In a letter addressed to the Police officer –in-charge, Anti- fraud section, State CID, Asaba, Delta State and made available to us by Idowu Esq and Omo Adjumo, lawyers to Adenusi, it read; “We are solicitors to Mr. Adenusi Omotunde. Sometime around January 2008, John Edema, FCMB employee approached our client that the Warri branch of the bank had a car for sale, a Honda HRV 2000 model. Our client visited the bank and negotiated for the purchase of the car in contention. An agreement was reached as regards the mode of payment. On February 8, 2008, Adenusi paid the agreed purchase price of N1, 000,000 (One Million naira only) via two bank drafts, Zenith Bank draft of N600, 000 (Six Hundred Thousand naira only) and Guaranty Trust bank draft of N400, 000 (Four Hundred Thousand naira only) into the account of Messers Pneuma Resources Limited at FCMB, Allen Avenue branch in Lagos State as instructed by the bank.”

Adenusi’s lawyers’ letter further read that “In the month of May 2008, our client got a call from the FCMB that someone had come to the bank making counter claims to the said car. The bank assured him that they had the situation under control, but that they felt Adenusi should be informed since the counter-claimant was threatening to locate and impound the car. On July 10, 2008, some police officers visited him in his family house in Lagos and ordered that he report at the Anti- Fraud section, State CID, Asaba. All these have affected our client and we are demanding an apology from the bank, damages of N5, 000,000 (Five Million naira only) for psychological trauma caused him and his family by this deal gone sour within seven days.

In FCMB’s reaction, its counsels, Adebukola Elegbeleye and Femi Adekunle argued in their letter  that “FCMB have commenced internal investigation on this transaction and we have engaged one of our external Solicitors to handle the police charge on the sale of the vehicle. This is a police matter over which we do not have absolute control. You will agree that we cannot interfere with the Police investigation even though the matter appears malicious and we suspect the customer who is now at large is the person fraudulently investigating a third party claim on the vehicle. Please be assured that we are mindful of Adenusi’s interest and reiterate that we sold the car bona fide to him.”

The story changed when the office of the Commissioner of Police, ‘D’ Department State CID Asaba, received an anonymous petition against Adenusi. In a letter forwarded to the branch manager of BAT, Warri, the police alleged that “We are still investigating a case of stealing and falsification of custom documents reported against one Adenusi Omotunde.”

In tears, Adenusi told a group of selected journalists in Lagos that there was no reason why FCMB should treat him like an outcast after he paid the bank the agreed sum of One Million naira, his car confiscated and he is being harassed by the police.