How FCMB Bank Deposited N540M Into Chief Registrar’s Account Inorder To Prevent Contempt Proceeding Against MD, Yemi Edun

In a bid to avert contempt proceedings, First City Monument Bank (FCMB) has reportedly deposited N540 million into an account held by the Chief Registrar of the Court of Appeal, following a court order. This move comes in the wake of a legal battle involving the bank and Prophet Emmanuel Omale of the Divine Hand of God Prophetic Ministry.

The saga began when the Federal Capital Territory (FCT) High Court in Abuja awarded N540,500,000 in damages against FCMB for defamation against Omale and his wife, Deborah. The court directed FCMB to pay the amount into an interest-yielding account of the Chief Registrar within 48 hours of the order.

Despite FCMB’s appeal to set aside the judgment, the Court of Appeal in Abuja rejected its request for a stay of execution. Instead, the court granted a conditional stay, ordering FCMB to deposit the sum into an interest-yielding account of the Chief Registrar to prevent contempt proceedings.

The legal battle stems from allegations made during the investigation of former EFCC Chairman, Ibrahim Magu, suggesting that Magu paid N573 million into Omale’s church’s account. FCMB, in a report to the Nigerian Financial Intelligence Unit (NFIU), erroneously reflected this amount as a credit entry in the church’s account, damaging the reputation of Omale and his ministry.

In response to the judgment, FCMB filed an appeal, which was dismissed by the Court of Appeal. The court’s ruling emphasized FCMB’s duty of care towards the claimants and the need for accountability in its reporting.

The development underscores the legal and financial implications for FCMB, highlighting the importance of adherence to court orders and the consequences of defamation. The case serves as a cautionary tale for financial institutions and underscores the judiciary’s role in upholding justice and accountability.