●●●● First Bank Refutes Fraud Allegation
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First Bank logo
By Victory Oghene
One of Nigeria’s old generation banks, First Bank is in the news again for the wrong reasons.
This time Abia based businessman, Eke Agbai Eke, sued First Bank over an alleged fraudulent withdrawal of N55 million from his fixed deposit account at the bank’s former Abiriba branch, now relocated to Uzuakoli.
In his lawsuit, filed by his lawyer and seen by Thisday,
Ebuka Nwaeze, the claimant stated that First Bank has refused to return his deposit, which he originally placed at the Abiriba branch to help sustain the bank’s presence in his community.
The claimant stated that as a community leader, he viewed the deposit as a contribution to local development.
The alleged fraud came to light in December 2023 when Eke discovered he could no longer access his personal account through the bank’s mobile app and was unable to reach the Business Development Manager.
Upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that N55 million had been withdrawn from his fixed deposit in six consecutive transactions—even though he was in Umuahia at the time of the unauthorized deductions.
Following this discovery, Eke demanded the liquidation of his fixed deposit, but months passed without any action from the bank.
After multiple complaints, First Bank launched an internal investigation, which resulted in the dismissal of fewer than nine senior officials allegedly linked to the fraud.
While reacting to the development, First Bank in a statement made available to NATIONAL WAVES, titled
“Allegations of Fraud Unfounded and False” and signed by
Olayinka Ijabiyi
Ag. Group Head, Marketing & Corporate Communications of First Bank said the allegations are unfounded and false.
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.
“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.
“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.
“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”
