First Tirad Global Resources Ltd and its majority shareholder have filed a ₦5 billion lawsuit against First City Monument Bank (FCMB) over the alleged unauthorised disclosure of the company’s bank statement to a third party.
The claimants instituted the action before the High Court of the Federal Capital Territory, Abuja, accusing the financial institution of breaching its duty of confidentiality and exposing sensitive corporate and personal information without proper authorisation.
The suit, marked FCT/HC/NY/255/2026, seeks compensation for the alleged breach, which the claimants maintain compromised the confidentiality of the company’s financial records and exposed private information belonging to its majority shareholder.
According to the court documents, First Tirad Global Resources Ltd maintained a corporate account with FCMB, with its majority shareholder, identified as Funmilola Soyebo, listed as the sole authorised signatory.
The claimants alleged that on April 8, 2026, a third party requested the company’s account statement covering January 1 to April 8, 2026, through WhatsApp. The request was allegedly made to Taofeeq Are, a former FCMB account officer, who subsequently contacted Olutunde Oyasola, a serving account officer, for assistance.
The claimants further alleged that Oyasola generated the account statement and sent screenshots to Are, who then forwarded them to the third party through WhatsApp.
They maintained that the recipient had no authority or mandate to obtain the company’s financial records and that the disclosure occurred without their knowledge, consent or approval.
The alleged incident reportedly raised concerns beyond the exposure of the company’s financial transactions. Soyebo claimed that the statement contained details of a rent payment that could reveal her residential address, thereby exposing her personal information alongside the company’s confidential commercial affairs.
The claimants argued that the alleged disclosure violated the bank’s obligation to protect customers’ financial information and safeguard confidential records from unauthorised access.
Following the incident, the company reportedly lodged a complaint with FCMB, seeking an explanation and an investigation into how its account statement was obtained and shared.
In a letter dated July 8, 2026, the bank allegedly acknowledged that the disclosure was unauthorised and inconsistent with its internal policies, data protection obligations and ethical standards. The claimants also alleged that the bank confirmed the involvement of its serving account officer in generating and sharing the statement.
The bank reportedly stated that it had taken disciplinary measures against the employee involved and introduced additional controls intended to strengthen compliance with customer confidentiality and information security requirements.
Relying on the alleged admission, the claimants are asking the court to declare that the disclosure was unlawful and constituted a breach of FCMB’s duty of confidentiality. They are also seeking a declaration that the incident violated applicable privacy and data protection obligations.
The company and its majority shareholder further want the court to hold the bank liable for negligence and for the actions or omissions of its employees in connection with the alleged disclosure.
Their ₦5 billion claim covers general, aggravated and exemplary damages arising from the alleged breach of confidentiality, negligence, invasion of privacy and violation of contractual and statutory obligations. They also claim to have suffered consequential losses and business exposure as a result of the incident.
In addition to monetary compensation, the claimants are seeking an order restraining further disclosure, dissemination or use of the disputed account statement. They have also asked the court to direct the bank to bear the cost of the legal action.
The claimants further contend that the subsequent exhibition and use of the disputed statement in court proceedings caused additional prejudice to their interests.
The case raises questions about the responsibility of financial institutions to protect customers’ confidential records and ensure that account information is released only to individuals with the necessary authority. It also highlights the potential consequences of alleged lapses in internal controls governing access to sensitive banking information.
However, the claims remain before the court, and the allegations have yet to be determined through judicial proceedings. The outcome of the case will establish the legal position on the claims and any liability that may arise.
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