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Sex Scandal; FCMB Share Price Drops!

-Biola Johnson


Amidst the sex scandal rocking Nigeria’s leading tier 2-bank, First City Monument Bank, the institution has recorded significant losses at the stock exchange as it experiences a 9% decline at the wake of the scandal.


The plunge in share price is largely attributed to growing concerns among investors on recent reports where the management of FCMB asked the Managing Director to proceed on a compulsory leave while the sex matter is investigated.

FCMB in a statement, said the development would guarantee the sanctity of the review action the Board has initiated on the allegation.


The statement reads: “We are aware of several stories circulating across several media platforms about our bank’s Managing Director Adam Nuru, a former employee Mrs Moyo Thomas and her deceased husband, Mr Tunde Thomas.

“While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct require the bank’s board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of this code of ethics. This is already under way.

“During the period of the review, the Managing Director has volunteered to proceed on leave. This will guarantee the sanctity of the review process.

“We enjoin all our stakeholders to bear with us as we conduct this review and to please respect the various families involved.”



Renowned financial institution First City Monument Bank (FCMB) has been dragged before a federal high court for allegedly obtaining the certificate of registration of a deed of all debenture belonging to ASI Building Systems Limited through fraudulent means.

The aggrieved construction company also named The Corporate Affairs Commission (CAC) and its registrar as co-defendants for allegedly conniving with the bank to carry out the fraudulent activity.

While renewing legal hostilities which has been going on against the bank for some time, the company filed an amended statement of claim alleging that the Ladi Balogun led FCMB, acting under the pretext of liquidating the company’s alleged indebtedness to the bank, deceitfully obtained and registered a deed of all asset debentures against the company’s total assets valued at ₦7.5 billion.

The company maintains that it has never at any time made, prepare, enter or execute any such deed of all assets in favour of FCMB. It claimed further that the Form C03 used by FCMB to obtain the said deed from the corporate affairs commission was forged because it does not contain the signatures of the directors or secretary of the company as required by law.

The statement of claim filed by the company’s lawyer Benjamin Atebe further avers that FCMB has no reason to want a deed of all assets from the company in the first place since it is not being owed a kobo. Alth0ugh it secured a ₦400 million loan from the bank in 2007, it has since liquidated the loan and its interest in full.

The company therefore wants the court to declare that the deed of all assets debenture obtained by FCMB is illegal and should be revoked and cancelled. It also prayed the court to award ₦79.5 million as money owed by FCMB and an extra ₦2.5 million as damages.

FCMB however filed a counter-claim alleging that ASI Building System Limited is indebted to the bank to the tune of ₦172.5 million, an allegation the company swiftly countered, maintaining it is not indebted to FCMB in any way.

The case has since been adjourned to enable both parties to prepare their substantive defences. It is expected to resume sometime after the legal sector resumes from the annual court vacation.

Things Fall Apart; Ladi Balogun, Wife Part Ways

As reported by reputable online platform, thecapitalnewsng…’bliss has deserted the home of Ladi Balogun in unexpected hours…’.

The former Managing Director of the First City Monument Bank, Ladi and his wife of many years, Banke can no longer perform a joint duty again as man and wife.

The reason behind this is given as a result of ‘irreconcilable differences’ and the over-bearing attitude of Ladi’s mum.

Those in the know claimed that the ex-banker is a ‘mummy’s boy’ that worships the ground his mother steps never minding the adverse effect on his family.

‘The mother-in-law makes the rule for the family and anything she says is final’, hinted a friend of Banke who gave an insight into all the errors that later crumbled the Balogun’s family like a pack of badly arranged cards.

From what is being monitored on the capitalng ‘… contrary to belief that the marriage recently hit an iceberg, the couple allegedly separated from each other a long while ago but they succeeded in keeping it under wraps to avoid the noise and scandal that could result from undue media exposure.

While no one is sure if they would ever reconcile and remarry, it is an open secret that the couple are happy without each other. Ladi, for instance, is having the time of his life. He allegedly drinks more and hangs out more now.
It is however, astonishing to note that while some of Banke’s friends are up in arms in defense of their friends, many of them are jostling to replace Banke in her estranged husband’s house. Each of them desperately seeks to become the new Mrs. Balogun,’ according to The Capital findings.