The Abuja Division of the Court of Appeal has directed the First City Monument Bank (FCMB) to pay N540 million in damages, upholding a High Court judgment that found the bank liable for defaming preacher Emmanuel Omale and his wife, Deborah.
The initial ruling by Justice Yusuf Halilu on October 4, 2022, stated that the bank breached its duty of care by falsely claiming that former EFCC Chairman Ibrahim Magu had deposited N573 million into the church’s account.
On February 1, 2024, the Court of Appeal denied FCMB’s request for a stay of execution, ordering the bank to pay the damages into an interest-yielding account in the court’s Chief Registrar’s name.
The court granted a conditional stay, with the stipulation that the sum must be deposited within 48 hours.
The respondents, Omale, his wife, and the church, had initially sought to dismiss the motion but later accepted the conditional stay.
Justice Halilu’s October 4 judgment awarded N200 million in aggravated damages, N140,500,000 in specific damages, and N200 million in general damages, citing the bank’s admitted error in reporting to the NFIU.
The error caused significant damage to the claimants’ reputation, both nationally and internationally.
Further hearings were adjourned, with the court registry to communicate the date to the involved parties.
