How N550m Reportedly Disappeared From First Bank Customer’s Account

An Abia businessman, Dr. Eke Agbai, has dragged First Bank Nigeria, before an Abia State High court over what he describes as premeditated fraud of over N550 million from his fixed deposit account with the bank.

In his lawsuit, filed by his lawyer, Ebuka Nwaeze, the claimant stated that First Bank has refused to return the deposit made by their client.

This cumulative deposit amounting to N550 million was initiated by their client following the threat of withdrawal of the Branch from Abiriba, in furtherance to his desire to sustain the development of the Community of which he is a leader.

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Upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that N55 million had been withdrawn from his fixed deposit in six consecutive transactions—even though he was in Umuahia at the time of the unauthorised deductions.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.

However, 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, describing the claims as “entirely unfounded and false.”

“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.