First Bank refutes businessman’s N550 million fraud allegation, calls claims baseless

Dr. Eke recently filed a lawsuit against the bank in an Abia State High Court, alleging that over N550 million was fraudulently deducted from his fixed deposit account.

According to his lawyer, Ebuka Nwaeze, the deposit was initially made to support the continuation of the bank’s branch in Abiriba and promote community development, given Dr. Eke’s role as a local leader.

The claimant stated that the alleged fraud was discovered in December 2023 when he could no longer access his account via the bank’s mobile app and could not contact the Business Development Manager.

Upon visiting First Bank’s Gwarinpa branch in Abuja, Dr. Eke claimed to have learned that N55 million had been withdrawn from his account in six unauthorized transactions of five N10 million and one N5 million withdrawals, despite his presence in Umuahia at the time of the deductions.

He said he demanded the liquidation of his fixed deposit, but no action was reportedly taken by the bank for months.

In response, First Bank, in a statement by Acting Group Head of Marketing & Corporate Communications at First Bank of Nigeria Limited, Olayinka Ijabiyi, issued a strong denial.

“We can affirm that the allegations of fraud in the Bank as alluded to by ‘Dr. Agbai Eke’ 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.”

First Bank added that it has referred the case to law enforcement agencies for further investigation.

“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 enforcements for further proper investigations and the suspects have made useful statements while the investigations are ongoing,” the statement said.

In a separate development, First Bank of Nigeria has received approval from the Lagos State government to begin the construction of its eco-friendly headquarters in Eko Atlantic City.

“This iconic structure underscores our 130-year commitment to excellence, innovation, and long-term growth,” the bank announced. The new headquarters will serve as a beacon of progress, integrating sustainable and technologically sophisticated features.