First Bank Denies N550 Million Fraud Allegation by Businessman

First Bank of Nigeria has firmly denied allegations of a N550 million fraud made by Dr. Agbai Eke, a businessman from Abia State. Dr. Eke claims that unauthorized withdrawals totaling N55 million were made from his fixed deposit account without his consent.

Allegations by Dr. Agbai Eke

Dr. Eke alleges that in December 2023, he discovered he could no longer access his account via the bank’s mobile app and was unable to contact the Business Development Manager. Upon visiting First Bank’s Gwarinpa branch in Abuja, he reportedly learned that N55 million had been withdrawn from his account through six unauthorized transactions—five of N10 million each and one of N5 million—despite his presence in Umuahia at the time of these deductions. He further stated that his request for the liquidation of his fixed deposit was not acted upon by the bank for months.

First Bank’s Response

First Bank has categorically refuted these 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. Eke and a former First Bank employee. These transactions were reportedly facilitated through a personal relationship and occurred without the bank’s knowledge or involvement.

The bank stated, “We can affirm that the allegations of fraud in the Bank as alluded to by ‘Dr. Agbai Eke’ are entirely unfounded and false.” First Bank has also reported the case to law enforcement agencies for further investigation, with suspects already making useful statements to authorities.

Ongoing Legal Proceedings

As the matter is currently before the court, First Bank has refrained from making further comments to allow for an impartial judicial process. The bank emphasized its commitment to transparency, accountability, and the protection of its customers’ interests, assuring stakeholders of its dedication to maintaining the highest standards of integrity and professionalism.

Conclusion

This case underscores the importance of ethical practices and robust internal controls within financial institutions. As the legal proceedings unfold, stakeholders and customers alike will be keenly observing the outcomes to ensure justice and the reinforcement of trust in the banking sector.

Sources:
[1] Nairametrics
[2] Vanguard
[3] Daily Trust