Data Protection Privacy: FCMB Sued for ₦5 Billion Over Alleged Confidentiality Breach in Abuja High Court
First City Monument Bank (FCMB) Limited is facing a ₦5 billion lawsuit over the alleged unauthorised disclosure of a company’s bank statement to a third party, with the claimants accusing the financial institution of breaching its duty of confidentiality and exposing sensitive financial and personal information.
The suit was instituted by First Tirad Global Resources Ltd and its majority shareholder before the High Court of the Federal Capital Territory, Abuja. The claimants alleged that the bank released the company’s account statement to a third party who lacked the authority to obtain the financial records.
According to the court filings, the incident occurred on April 8, 2026, when the third party allegedly requested the company’s account statement covering January 1 to April 8, 2026, through a former FCMB account officer, identified as Taofeeq Are. The claimants alleged that a serving account officer, Olutunde Oyasola, subsequently generated the statement and sent screenshots to Are, who allegedly forwarded them to the third party through WhatsApp.
The claimants further alleged that the statement contained sensitive information, including details of a rent payment that exposed the second claimant’s residential address. They maintained that the disclosure compromised the company’s confidential financial and commercial information and infringed on their privacy.
In a letter dated July 8, 2026, FCMB allegedly acknowledged that the disclosure was unauthorised and inconsistent with its internal policies, data protection obligations and ethical standards. The bank reportedly stated that it had taken disciplinary measures against the employee involved and introduced additional controls to prevent a recurrence.
The claimants are asking the court to declare the disclosure unlawful and hold the bank liable for alleged negligence, breach of confidentiality, invasion of privacy and violations of applicable data protection obligations. They are seeking ₦5 billion in general, aggravated and exemplary damages, alongside orders restraining further disclosure or use of the disputed account statement.
The case places customer confidentiality and the protection of sensitive financial information at the centre of a legal dispute over the responsibilities of financial institutions in safeguarding account holders’ records. The court is yet to determine the claims.
