First City Monument Bank Limited (FCMB) has taken decisive action to recover an alleged N4.4 billion debt from Bankers Warehouse (BW) Limited, Vandt Investment Limited, and Victor Hammond, who serves as BW's board chair. The bank, in compliance with federal high court orders issued in October 2024 in suit No: FHC/L/C$/1642/2025, initiated the takeover of properties and assets belonging to the defendants. This enforcement, carried out on a Thursday (November 13) by court sheriffs, was supported by security personnel and police officers from the Nigerian police zonal headquarters in Lagos.

Prior to the asset seizure, FCMB had appointed Nick Omeye as receiver, with directives for police protection during the execution of the court orders. The seized properties and assets, which served as collateral for loans extended by FCMB and guaranteed by Victor Hammond, include a landed property belonging to Vandt Investment Limited at No. 15 Korimu Kotun Street, Victoria Island, Lagos, registered under Land Certificate No. LO 7649 and subject to a tripartite legal mortgage deed dated April 14, 2013.

Additionally, Bankers Warehouse's property at 12C Bompai Road, Kano state, with a certificate of occupancy, a registered deed of assignment dated June 8, 2010, and a legal mortgage deed dated May 24, 2013, was also seized. In Abuja, BW's property at Plot 715, Gwarimpa Cadastral Zone CO2, registered under certificate of occupancy No. 13371/13371/66, along with its vehicles, plants, and machinery (detailed in a deed of fixed debentures dated July 3, 2013), have been placed under the receiver’s control. As of November 13, these properties remain under FCMB's control, with law enforcement ensuring no unauthorized access.

Beyond physical assets, a Mareva injunction was issued, 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 or dealing with over N4.1 billion linked to BW and Victor Hammond. These banks, identified as the fourth to 22nd respondents, have been ordered to disclose under oath within 14 days the total funds held in their custody belonging to the first and third defendants, ensuring funds remain within the court's jurisdiction pending the suit's determination.

In response to these developments, Bankers Warehouse, a Nigerian cash management company, is actively engaging with FCMB to resolve the debt dispute. While acknowledging the outstanding obligation, BW has reportedly complied with payments this year and is now offering various solutions to positively impact and reduce the loan. The company cites recent