Court of Appeal Orders FCMB to Pay N540 Million Damages in Defamation Case

In a recent development, the Court of Appeal, Abuja, has mandated the First City Monument Bank FCMB to settle the sum of N540 million in damages resulting from an alleged defamation case involving Prophet Emmanuel Omale and his wife, Deborah.

FIRST CITY MONUMENT BANK, FCMB

This ruling stems from a judgment by Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court on October 4, 2022, which found FCMB liable for breaching its duty of care to Omale, his wife, and the Divine Hand of God Prophetic Ministry.

The initial claim accused FCMB of making a false statement regarding a purported N573 million payment by the former Chairman of the Economic and Financial Crimes Commission EFCC, Ibrahim Magu, to the church’s account.

Despite FCMB’s appeal for a stay of execution, the Court of Appeal, led by Justice Muhammed Shuaibu, rejected the request and granted a conditional stay. The bank is now required to deposit the judgment sum into an interest-yielding account under the court’s chief registrar within 48 hours.

The panel adjourned further hearing to a date to be communicated by the court’s registry.

The judgment by Justice Halilu had earlier awarded N200 million as aggravated damages, N140,500,000 as specific damages, and N200 million as general damages, highlighting the significant impact of the bank’s admitted error on the claimants’ reputation both nationally and internationally.

This case underscores the importance of upholding the duty of care in financial institutions and serves as a cautionary tale for responsible reporting in the banking sector.