FCMB Takes Over Bankers Warehouse Assets in N4.4 Billion Debt

FCMB Takes Over Bankers Warehouse Assets in N4.4 Billion Debt

First City Monument Bank Limited (FCMB) has taken possession of properties and assets from Bankers Warehouse (BW) Limited, Vandt Investment Limited, and Victor Hammond, BW’s board chair, because of an alleged debt of N4.4 billion owed to the bank.

Bankers Warehouse

The takeover was conducted on Thursday by court sheriffs, accompanied by security personnel and police officers from the Lagos zonal headquarters of the Nigerian police, to fully enforce the court’s orders. A video viewed by TheCable on Thursday showed police personnel around the company’s premises.

This move complied with orders issued by the federal high court in October 2025 in suit No: FHC/L/C$/1642/2025.

Before the removal, the bank had appointed Nick Omeye, the second plaintiff/applicant, as receiver, with police protection instructed during the execution of the court’s orders.

TheCable learns that the properties and assets seized had been used as collateral for loans extended by FCMB and guaranteed by Hammond, the third defendant in the case.

Among the assets seized is the second defendant’s land at No. 15 Korimu Kotun Street, Victoria Island, Lagos, registered under Land Certificate No. LO 7649, secured by a tripartite legal mortgage deed dated April 14, 2013.

Also seized are the first defendant’s property at 12C Bompai Road, Kano State, with a certificate of occupancy, along with a registered deed of assignment dated June 8, 2010, and a legal mortgage deed dated May 24, 2013.

In Abuja, the first defendant’s property at Plot 715, Gwarimpa Cadastral Zone CO2, registered under certificate of occupancy No. 13371/13371/66 at the Abuja Land Registry, and the first defendant’s vehicles, plants, and machinery—detailed in the deed of fixed debentures dated July 3, 2013—have also been placed under the receiver’s control.

In addition to physical assets, a source indicates that the court issued a Mareva injunction restraining 19 major banks, including Guaranty Trust Bank Plc, Zenith Bank Plc, Fidelity Bank Plc, Polaris Bank Ltd, United Bank for Africa Plc, Access Bank Plc, Ecobank Nigeria Ltd, and Providus Bank Plc, from transferring or disposing of over N4.1 billion linked to BW and Hammond.

The injunction seeks to keep the funds within the court’s jurisdiction until the case is resolved.

The fourth to 22nd respondents, made up of the banks restrained by the injunction, are reportedly ordered to disclose under oath within 14 days the total funds held in custody for the first and third defendants.

As of November 13, the properties are still under FCMB’s control, with law enforcement standing watch to prevent any unauthorized access or interference.