A waste management company, Squaremax Ltd, has filed a lawsuit against First City Monument Bank (FCMB) before an FCT High Court, seeking the release of land documents used as collateral for a loan of N14.4 million.
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The company, represented by lawyer Abu Arome Esq, is demanding that the bank compensate it for financial losses allegedly caused by the misplacement of its Deed of Assignment. Squaremax is seeking N50 million as general damages and an additional N20 million for reputational harm, hardship, and other financial setbacks.
In the suit, Squaremax argues that FCMB’s failure to return the original Deed of Assignment after the loan was fully settled constitutes gross negligence, a breach of duty, and a fundamental breach of contract.
According to the statement of claim, Daniel Olisa Okwuchi, a director of Squaremax and the beneficial owner of the land known as Oluwo Oduikan Family Land in Ikorodu, Lagos, deposited the property as security for the loan. The land is located at present-day No. 25 Isaac Salome Street, Owutu, Ikorodu.
The claim notes that before the loan was approved on February 19, 2022, Squaremax had used N1.6 million to purchase a truck from Jayneyo Mult Concept Ltd and acquired an insurance policy through Cornerstone Insurance, along with the truck’s registration and custom duty documents.
The lawyer added that on September 20, 2024, the company fully repaid the loan, and FCMB issued a Letter of Non-Indebtedness dated October 4, 2024, confirming that Squaremax had fulfilled all obligations under the loan agreement.
The matter is now before the court, with Squaremax seeking an order compelling FCMB to return the land documents and provide redress for the financial and reputational damages incurred.
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