The FCMB ₦5bn lawsuit has brought customer confidentiality and financial data protection into focus. First Tirad Global Resources Ltd and its majority shareholder have sued First City Monument Bank (FCMB), alleging that the lender disclosed the company’s bank statement to a third party without proper authorisation.
The claimants are demanding ₦5 billion in damages over the alleged disclosure. They argue that the incident exposed confidential financial records and personal information. The case also raises questions about how banks manage requests for customer data and prevent unauthorised access.
According to reports, the claimants filed the suit at the High Court of the Federal Capital Territory in Abuja. They want the court to determine whether the bank breached its duty to protect their confidential information.
FCMB ₦5bn Lawsuit: Details of the Alleged Disclosure
The claimants traced the alleged incident to April 8, 2026. They said a third party contacted Taofeeq Are, a former FCMB account officer, through WhatsApp to request the company’s bank statement.
The request covered transactions from January 1 to April 8, 2026. According to the court documents, Are contacted Olutunde Oyasola, a serving account officer at FCMB, for assistance with the request.
Oyasola allegedly generated the statement and sent screenshots to Are. Are then reportedly forwarded the screenshots to the third party.
However, the claimants argued that the recipient had no authority to access the company’s financial records. They maintain that the bank should have verified the request and confirmed the recipient’s authorisation before sharing any information.
The claimants also alleged that the statement exposed personal information about Funmilola Soyebo, the company’s majority shareholder. They said details of a rent payment revealed her residential address, raising further concerns about the potential consequences of the disclosure.
Following the incident, the claimants reportedly complained to FCMB and requested an investigation. They sought explanations about how the statement left the bank’s control and why the parties involved allegedly shared it through an informal messaging platform.
Bank’s Reported Response and Confidentiality Concerns
The claimants cited a letter dated July 8, 2026, in support of their case. According to related reports, FCMB acknowledged that the disclosure was unauthorised and inconsistent with its internal procedures and data protection obligations.
The reported correspondence forms part of the claimants’ argument that the bank failed to protect their information adequately. However, the court must assess the available evidence before reaching its own conclusions.
The dispute highlights the responsibility banks carry when handling sensitive customer records. Financial institutions hold information about transactions, payments, business dealings and personal addresses. Therefore, even a single unauthorised disclosure can raise concerns about privacy and security.
Moreover, digital communication platforms can make it easier to transmit documents quickly. However, banks still need clear procedures to verify requests, restrict access and protect confidential records, regardless of the communication channel involved.
Claimants Seek ₦5bn Compensation
Under the FCMB ₦5bn lawsuit, the claimants want the court to declare the alleged disclosure unlawful. They are also asking the court to hold the bank responsible for the alleged breach of confidentiality, negligence and invasion of privacy.
Their ₦5 billion demand includes general, aggravated and exemplary damages. They argue that the alleged disclosure exposed sensitive information and affected their privacy and commercial interests.
In addition, the claimants want an order preventing further disclosure or use of the disputed bank statement. They are also seeking payment of their legal costs.
The case could draw attention to the safeguards banks use when handling requests for customer information. It also underlines the importance of proper authorisation and accountability when employees access or share financial records.
Nevertheless, the allegations remain subject to judicial determination. The filing of a lawsuit does not establish that the defendant is legally responsible. The court must consider the evidence and applicable law before deciding the claims.
The FCMB ₦5bn lawsuit therefore remains an unresolved legal dispute. Its outcome will depend on the court’s assessment of the allegations, supporting documents and the parties’ respective legal obligations.
