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FCMB Vs Cool Financial Services: FCMB’s Response Claims Cool Financial’s Lawsuit Lacks Merit

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1 month ago

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First City Monument Bank (FCMB) has responded to report on finance house Cool Financial Services’ lawsuit against it after a customer was able to withdraw a N150 million loan from a frozen bank account.

FCMB wrote a day after the report was published and three weeks after the initial request for comments was sent.

“FCMB believes the lawsuit filed by Cool Financial Services is without merit, as the bank had no contractual or fiduciary obligations to them,” the bank stated in an email on Thursday.

We had earlier reported that Cool Financial Services, a finance house based in Lagos State, lent Goewe and Sons Ltd., a supplier, a loan facility of N150 million in 2023 and the said loan was to be deposited in the borrower’s account domiciled at FCMB untouched.

At the expiration of the loan tenor, the lender was surprised to discover that the N150 million had been withdrawn from the account without its knowledge despite an earlier mandate stating that only the lender could authorise the withdrawal of that amount from the account.

Prior to the publication, FCMB had been requesting for one week after another week to investigate and respond to request for comments. We went to press on Wednesday, three weeks later.

A day after publication, however, FCMB responded with claims that the N150 million withdrawal was properly done and that it had no customer-banker relationship with the lender at the time of the loan transaction.

“To set the record straight, FCMB categorically states that it had no contractual relationship, express or implied, with Cool Financial Services concerning the N150 million. Claims of a fiduciary relationship or contractual obligations are without merit,” Adeola Adejokun, FCMB’s head of communications, wrote in an email on Thursday.

“Contrary to Cool Financial Services’ claims, they opened an account with FCMB on February 21, 2024. Therefore, no banker-customer relationship existed between FCMB and Cool Financial Services during their dispute with Goewe and Sons Ltd.”

The lender had earlier said, with documents in tow, that the borrower made it a ‘Category A’ signatory to the loan account to keep it informed of any activity on the account holding the N150 million. An email address of the lender’s representative requested to be added in addition to the new mandate instruction.

While admitting the fact stated above, FCMB said the dissipation of the loan sum from the account followed legal procedures.

“FCMB was not a party to any agreement that was said to have involved Cool Financial Services and Goewe and Sons Ltd. No arrangements existed that obligated FCMB to act on behalf of Cool Financial Services regarding the management of the disputed funds,” the bank’s Thursday email read.

“Goewe and Sons Ltd., an FCMB customer, received a standard loan facility secured by a lien on their deposit account, as detailed in the loan agreement dated July 24, 2023. While a representative from Cool Financial Services was listed as a co-signatory on one of Goewe and Sons Ltd.’s accounts, FCMB acted according to the legally provided account mandates.

“Subsequently, Goewe and Sons Ltd. changed the mandate following due process, and FCMB was under no obligation to seek authorisation from Cool Financial Services for this change.”

Similar to the borrower’s response to FIJ, the bank stated the loan had been repaid.

“Goewe and Sons Nigeria Limited and Cool Financial Services Limited had a financial dispute that involved law enforcement agencies. On January 19, 2024, Goewe paid Cool Financial Services Limited N150 million via bank drafts through its legal counsel,” FCMB wrote.

“FCMB conducted all transactions with Goewe and Sons Ltd. in good faith, adhering strictly to banking regulations and internal policies. The bank acted neither negligently nor breached any duty towards Cool Financial Services.

“FCMB believes the lawsuit filed by Cool Financial Services is without merit, as the bank had no contractual or fiduciary obligations to them. Goewe and Sons Ltd. has already repaid Cool Financial Services.”

The bank said that it had filed its defence to the lender’s statement of claim in court, adding that the case came up for mention on Wednesday and the court subsequently adjourned it until March 18.

Source: FIJ

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Tingo AI: The First AI-Driven Innovation Hub in Africa

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6 days ago

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March 6, 2025

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Campus Comprehensive College, Lagos Students Dive into the World of AI and Robotics at Tingo AI’s Educational Tour

 

 

Tingo AI, Africa’s leading artificial intelligence research and innovation center, hosted an interactive and inspiring educational tour for students from [SCHOOL NAME]. The visit was designed to introduce students to the real-world applications of AI, robotics, and automation, providing them with an early glimpse into the future of technology.

 

The students participated in hands-on activities and discussions that explored AI’s impact on education, business, entertainment, and public services. The engaging session included:

 

✅ AI for Everyday Life: Students saw live demonstrations of how AI enhances industries like healthcare, finance, and creative arts.

✅ Robotics Challenge: Teams designed and programmed robots to complete problem-solving tasks, sparking their creativity.

✅ AI Ethics & Innovation Discussion: Experts engaged students in thought-provoking conversations about the future of AI and ethical technology use.

✅ Career Pathway Insights: Students learned about exciting AI-related career opportunities and the skills required for success in the digital economy.

 

Tingo AI’s visionary founder, Dozy Mmobuosi, also shared his enthusiasm about empowering young minds with AI knowledge, stating:

“Exposing students to AI early is critical for Africa’s technological future. Today’s youth are tomorrow’s innovators, and experiences like this help shape a new generation of tech leaders.”

 

The visit reinforced Tingo AI’s commitment to bridging the gap between AI education and practical application, ensuring that students across Nigeria have access to cutting-edge knowledge and inspiration.

 

Stay connected with us @tingoai_ for more groundbreaking innovations and educational experiences.

 

#TingoAI #AIinAfrica #FutureLeaders #ArtificialIntelligence #TechRevolution #DozyMmobuosi #NextGenTech #InnovateAfrica #AIForEducation

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Senate advises Natasha to obey rules as she refuses to stand up for Akpabio’s entrance

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6 days ago

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March 6, 2025

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The Senate on Thursday advised Kogi Central senator, Natasha Akpoti-Uduaghan to respect and obey the rules and orders of the legislative institution.

Rising on Order 55(1), the Chief Whip of the Senate, Mohammed Monguno pointed out that “it is the Rules and Order of the Senate that when the Senate President is being ushered into the chamber by the Sergeant-at-arms, all senators must stand up”.

The chief whip regretted that Natasha disrespected the Rules and Order of the Senate on Wednesday and Thursday by refusing to stand up like other senators, as required, when Akpabio entered the chamber.

He called on the female lawmaker to abide by the rules, irrespective of any circumstances, noting that the institution must be protected at all costs.

Senate President Godswill Akpabio sustained the order and urged all senators to be guided.

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Sexual Harassment’: Senator Natasha submits petition against Akpabio to senate

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7 days ago

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March 5, 2025

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Senator Natasha Akpoti-Uduaghan, representing Kogi Central, has filed a petition against Senate President Godswill Akpabio, alleging sexual harassment.

 

The petition was presented on the floor of the Senate as plenary resumed.

 

Citing Order 40 of the Senate rules, Akpoti-Uduaghan referenced comments she had previously made on Arise TV regarding the alleged harassment. She stated that she was now formally submitting the matter as a petition before the legislative body.

 

 

In response, Akpabio allowed her to proceed with the submission.

 

“Distinguished colleagues, this petition is hereby referred to the Committee on Code of Conduct, Ethics, and Public Petitions, which should report back to the Senate as soon as practicable,” Akpabio announced.

 

Objections Raised Over Petition

Shortly after the petition was submitted, Senate Chief Whip Mohammed Tahir Monguno raised an objection, arguing that the Senate could not deliberate on the matter because it was already in court. Citing Order 40, Rule 7, Monguno insisted that the Senate must refrain from discussing cases under judicial consideration.

 

 

Akpoti-Uduaghan, however, disputed his claim. This matter is not in court,” she asserted.

 

“The court case in question is a defamation suit against the Senate President’s special assistant on social media, Patrick Mfon, who falsely accused me of dressing indecently in the Senate.”

 

Senate Leader Opeyemi Bamidele also opposed the petition, maintaining that it was inadmissible.

 

 

“We cannot relax our rules,” Bamidele argued. “This petition cannot stand. It is in court. It is defective, there is no way we can accept it.”

 

 

A brief commotion followed, prompting the Senate to move into a closed session.

 

Akpoti-Uduaghan Walks Out

Following the tense exchange, the Senate resumed its scheduled business. However, Akpoti-Uduaghan staged a walkout in protest.

 

 

This latest development follows a series of clashes between Akpoti-Uduaghan and Akpabio. On February 20, they had a dispute over seating arrangements, leading to her referral to the Senate’s disciplinary panel. Days later, on February 25, she filed a ₦100 billion defamation lawsuit against Akpabio.

 

 

 

 

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