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ZUMAX VS FCMB: FCMB Reacts To Zumax’s Claims



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The attention of the Management of First City Monument Bank Limited (“FCMB”) has been drawn to advertorials purportedly sponsored by Messrs Zumax Nigeria Limited (“Zumax”) on Sahara Reporters, an online platform, in which certain claims were made against FCMB.


Following these repeated publications by Zumax, the Bank has chosen to make its position to this sponsored statement known to the readers of the publications on which the statements were made.


Our reaction to Zumax’ claims in the above referred publications are as follows:


1. The claims being made by Zumax dates back to 2002 and arose from dealings between Zumax and International Merchant Bank Plc (IMB) which later merged with other Banks to form First Inland Bank/FinBank. FCMB by virtue of its acquisition of FinBank in 2012 became a Defendant in the litigation which pre-dates the acquisition and subsequent merger. Since the claims made by Zumax in the publications are sub-judice, FCMB declines to join issues with Zumax on these claims outside of the Law Courts;


2. We find the publications sponsored by Zumax libelous and our Lawyers are reviewing the allegations made therein with a view to taking the appropriate legal action in the circumstance;


3. The Court was on July 16, 2015 notified of the publication and has in consequence given appropriate directions which are being complied with presently;


We assure our customers and the general public that FCMB remains committed to ethical and professional conduct at all times. We also are committed to treating our customers fairly and with understanding. However, in the interest of our stakeholders, we will lawfully protect and defend our interests when occasions such as this warrant such defense.


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