… bank denies allegation
A significant financial scandal has emerged involving First Bank of Nigeria and a substantial sum of N550 million allegedly diverted from a customer’s fixed deposit account.
The customer, Dr. Eke Agbai, a businessman from Abia State, has accused the bank of unauthorized withdrawals totaling N550 million from his account.
In response, First Bank has refuted these allegations, attributing the issue to unprofessional and unethical dealings between Dr. Agbai and a former bank employee.
Allegations by Dr. Eke Agbai
Dr. Agbai claims that he discovered the unauthorized withdrawals in December 2023 when he lost access to his account via the bank’s mobile App and was unable to contact his Business Development Manager.
Upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that N550 million had been withdrawn from his fixed deposit in six consecutive transactions, despite his presence in Umuahia at the time of these deductions.
He alleges that his efforts to liquidate the fixed deposit were met with inaction from the bank over several months.
First Bank’s Response
First Bank has categorically denied the fraud allegations, describing them as “entirely unfounded and false.”
The bank’s internal investigation revealed that the issue stemmed from “unprofessional and unethical dealings” between Dr. Agbai and a former First Bank employee, facilitated through a personal relationship without the bank’s knowledge or involvement.
The bank has reported the case to law enforcement agencies for further investigation, with suspects already making useful statements to authorities.
Legal Proceedings
The case, marked HU/233/2024, is currently before the Abia State High Court sitting in Umuahia.
During recent proceedings, both parties were present in court, and the presiding judge, Justice U.D. Enwereji, adjourned the case to allow for a proper hearing and presentation of evidence.
Conflicting Reports
It’s worth noting that some reports suggest the amount in question is N55 million, not N550 million, indicating discrepancies in the reported figures.
First Bank has acknowledged the involvement of a former employee in unauthorized transactions but maintains that the bank itself was not complicit in the alleged fraud.
Credit: The Statesman except headline
Read details below 
