FCMB Takes Over Bankers Warehouse Headquarters In Lagos Over N4.4bn Loan

In compliance with orders issued by Justice Aneke of the Federal High Court in October 2025 in Suit No: FHC/L/C$/1642/2025, First City Monument Bank Limited (FCMB) has taken possession of properties and assets belonging to Bankers Warehouse Limited, Vandt Investment Limited, and Mr. Victor Hammond in connection with an alleged debt of N4.4Billion owed the bank.

The takeover was carried out on Thursday, 13/11/25, by court Sheriffs of the FHC accompanied by security personnel and police officers from the Zonal Headquarters of the Nigerian Police, Lagos.l, that ensured full enforcement of the court’s directives.

The Bank had previously appointed Nick Omeye Esq. , the 2nd Plaintiff/Applicant as Receiver, directing that police protection be provided during the execution of the orders.

The properties and assets taken over had been used as collateral for loans extended by FCMB and guaranteed by Mr. Victor Hammond, the 3rd Defendant in the suit.

Among the assets secured is the 2nd Defendant’s landed property at No. 15 Korimu Kotun Street, Victoria Island, Lagos, registered under Land Certificate No. LO 7649 and covered by a Deed of Tripartite Legal Mortgage dated April 14, 2013.

The 1st Defendant’s property at 12C Bompai Road, Kano, Kano State, with Certificate of Occupancy dated July 29, 1998, along with a registered Deed of Assignment dated June 8, 2010, and a Deed of Legal Mortgage dated May 24, 2013.

In Abuja, the 1st Defendant’s property at Plot 715, Gwarimpa Cadastral Zone CO2, was covered by Certificate of Occupancy registered as 13371/13371/66 in the Abuja Land Registry. Vehicles, plants, and machinery of the 1st Defendant, as detailed in the Deed of Fixed Debenture dated July 3, 2013, were similarly placed under the Receiver’s control.

In addition to the physical assets, the court had 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, disposing of, or dealing with over N4.1 billion linked to Bankers Warehouse and Mr. Victor Hammond.

The injunction ensures that the funds remain within the court’s jurisdiction pending the determination of the suit.

The enforcement exercise was carried out smoothly and efficiently, with the Receiver, the court bailiff, and law enforcement officers overseeing the process to guarantee compliance.

The 4th to 22nd Respondents, consisting of the banks restrained under the injunction, have also been directed to disclose on oath within 14 days the total funds in their custody belonging to the 1st and 3rd Defendants.

This disclosure will guide the court in determining the next steps in the suit and ensure that all assets and funds are properly accounted for.

The morning takeover of the properties and assets marks a significant milestone in Lagos’ legal and corporate sectors, demonstrating the authority of the judiciary and the practical measures taken to recover outstanding debts owed Banks.

As of this afternoon, the properties remain under the control of FCMB, with law enforcement maintaining oversight to prevent any unauthorized access or interference.

The outcome of this suit is expected to have wider implications for corporate debt recovery practices and banking operations in Nigeria, particularly in cases involving high-value facilities secured against multiple assets and guaranteed by third parties.