First Bank, one of Nigeria’s older institutions, is making headlines once more for the wrong reasons.
Eke Agbai Eke, a businessman from Abia, filed a lawsuit against First Bank, claiming that the bank had fraudulently taken N55 million out of his fixed deposit account at its old Abiriba branch, which has since moved to Uzuakoli.
According to the claimant’s complaint, which was filed by his attorney and was obtained by Ebuka Nwaeze of Thisday Newspaper, First Bank has refused to restore the deposit he made at the Abiriba branch in order to support the bank’s operations in his community.
As to the claimant, he saw the deposit as a contribution to local development because he was a community leader.
Eke learnt of the purported fraud in December 2023 when he was unable to contact the Business Development Manager and could no longer access his account via the bank’s mobile app.
Even though he was in Umuahia when the unauthorised withdrawals occurred, he was allegedly told upon visiting First Bank’s Gwarinpa branch in Abuja that N55 million had been taken out of his fixed deposit in six consecutive transactions.
Eke ordered that his fixed deposit be liquidated after this finding, but the bank did nothing for months.
First Bank conducted an internal inquiry following many accusations, leading to the termination of less than nine senior personnel who were allegedly involved in the fraud.
In response to the development, First Bank released a statement headlined “Allegations of Fraud Unfounded and False.” Olayinka Ijabiyi, its acting Group Head, Marketing & Corporate Communications, signed the statement, which claimed that the accusations were untrue and unjustified.
The statement read, “We have been made aware of a recent publication by Thisday Newspaper, Arise Television and a circulating video regarding a court case filed by a customer, Dr. Agbai Eke, against FirstBank.
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“We can affirm that the allegations of fraud in the Bank as alluded to by ‘Dr. Agbai Eke’s claims are entirely unfounded and false. Our findings on the matter indicate unprofessional and unethical dealings between Dr. Agbai Eke and a former FirstBank employee, using a personal relationship to facilitate unauthorized transactions outside the bank’s knowledge or involvement.
“As the matter is currently before the Court, we will refrain from further comments to allow the Court to dispassionately determine the issues before it. The Bank has equally filed a report to law enforcement for further proper investigations, and the suspects have made useful statements while the investigations are ongoing.
“FirstBank remains committed to transparency, accountability, and the protection of its customers’ interests. We assure our stakeholders that we operate with the highest standards of integrity and professionalism.”
