A company and its majority shareholder have sued First City Monument Bank for N5 billion at the High Court of the Federal Capital Territory, alleging that the bank disclosed the company’s account statement to a third party with no mandate to receive it.
In a letter dated 8 July, the bank had already told the claimants’ solicitors that the disclosure was “wholly unauthorised”, that it had disciplined the officer involved, and that it “unreservedly apologizes”.
First Tirad Global Resources Ltd is the first claimant. Funmilola Soyebo, described as its largest shareholder and the sole signatory to the account, is the second claimant.
The suit is marked FCT/HC/NY/255/2026 and comprises a writ of summons, a statement of claim and a witness statement on oath, filed by counsel Oluchi Vivian Uche, Okueyelegbe Sylvanus Maliki and others.
The claimants say the company maintained a corporate account with FCMB, with the second claimant as the sole authorised signatory, and that the bank disclosed the company’s account statement to a third party who had no authority or mandate to obtain it — without their knowledge, consent or authorisation, and outside the bank’s approved procedures for protecting customer information.
The claimants allege that on 8 April 2026 a third party contacted a former FCMB account officer, Taofeeq Are, through WhatsApp, asking for the company’s account statement covering 1 January to 8 April 2026.
They allege that Mr. Are then contacted a serving FCMB account officer, Olutunde Oyasola, who generated the statement and sent screenshots to him, and that those screenshots were forwarded to the third party by WhatsApp.
They say the statement contained sensitive information including details of a rent payment, which exposed the second claimant’s residential address and personal information.
In a letter dated 8 July, addressed to the managing partner of Moroom Africa and seen by TheCable, FCMB said it had investigated a complaint about the disclosure of information relating to the First Tirad account, and identified Ms. Soyebo as the sole authorised signatory.
The bank’s investigation established that on 8 April 2026 Hammed Adebayo, a co-director of First Tirad, contacted Mr. Are through WhatsApp to request the statement for 1 January to 8 April 2026, and that Mr. Are then asked Mr. Oyasola to assist in processing the request.
“Regrettably, Mr. Olutunde Oyasola generated the account statement and shared screenshots of the same with Mr. Taofeeq Are, who thereafter forwarded it to Mr. Hammed Adebayo through WhatsApp.”
The bank acknowledged that the disclosure was “wholly unauthorised and inconsistent with its internal policies, data protection obligations, and ethical standards”, and set out the rule in terms that leave no room for the relationship between the parties:
“Under no circumstances should customer account information be disclosed to any person who lacks the requisite mandate or authorization to receive such information, irrespective of any relationship the person may have with the customer or signatory to the account.”
FCMB said it treats breaches of customer confidentiality with the utmost seriousness, had taken “appropriate disciplinary measures” against the employee involved, and had implemented additional controls to reinforce compliance with its data protection, information security and customer confidentiality requirements.
“These measures are aimed at preventing any recurrence of similar incidents.”
“The Bank deeply regrets this unfortunate occurrence and unreservedly apologizes to your client for the distress, concern, and inconvenience it may have caused.”
- A declaration that the disclosure of the account statement was unlawful and breached the bank’s duty of confidentiality to First Tirad Global Resources Ltd;
- A declaration that the disclosure violated applicable privacy and data protection obligations;
- An order holding the bank liable for negligence and for the acts or omissions of its employees;
- N5 billion in general, aggravated and/or exemplary damages for breach of confidentiality, negligence, breach of contractual and statutory obligations, invasion of privacy, and consequential losses and business exposure;
- An injunction restraining FCMB from further disclosing, disseminating or using the statement;
- A declaration that the subsequent exhibition and reliance on the statement in court proceedings caused additional prejudice and injury to their interests;
- Costs.
The court has not determined the claims or ruled on the dispute.
... “Disclosure Was Wholly Unauthorised” — Company, Majority Shareholder Sue FCMB For ₦5bn Over Release Of Account Statement To Third Party ... TheNigeriaLawyer.