First Bank dismisses businessman’s N550m fraud allegation as baseless
First Bank of Nigeria has categorically refuted allegations of fraud made by Abia businessman Dr Agbai Eke, describing the claims as “completely unfounded and false.”
Dr Eke recently filed a lawsuit against the bank in an Abia State High Court, alleging that over N550 million was unlawfully deducted from his fixed deposit account.
According to his legal representative, Ebuka Nwaeze, the deposit was initially made to support the bank’s branch in Abiriba and contribute to community development, given Dr Eke’s standing as a local leader.
The claimant stated that he uncovered the alleged fraudulent activity in December 2023 when he was unable to access his account via the bank’s mobile app and was unable to reach the Business Development Manager.
Upon visiting First Bank’s Gwarinpa branch in Abuja, Dr Eke claimed he was informed that N55 million had been withdrawn from his account through six unauthorised transactions—five withdrawals of N10 million each and one of N5 million—despite his presence in Umuahia at the time of the deductions.
He further alleged that when he requested the liquidation of his fixed deposit, the bank failed to take action for months.
In reaction, First Bank issued a statement through its Acting Group Head of Marketing & Corporate Communications, Olayinka Ijabiyi, strongly rejecting the allegations.
“We can confirm that the claims of fraud within the bank, as alleged by ‘Dr Agbai Eke,’ are entirely baseless and false. Our internal findings indicate that there were unethical and unprofessional dealings between Dr Agbai Eke and a former FirstBank employee, involving personal relationships to facilitate unauthorised transactions without the bank’s knowledge or involvement.”
The bank further disclosed that the case has been referred to law enforcement agencies for a thorough investigation.
“As the matter is currently before the court, we will refrain from further comments to allow due legal process to take its course.
“The bank has also formally reported the matter to law enforcement authorities for a comprehensive investigation, and the suspects have provided useful statements while inquiries are ongoing,” the statement added.
In a separate development, First Bank of Nigeria has received approval from the Lagos State Government to commence the construction of its environmentally sustainable headquarters in Eko Atlantic City.
Governor Babajide Sanwo-Olu presented the certificate of approval to Femi Otedola, Chairman of First Holdco, during a groundbreaking ceremony.
The bank plans to construct a 40-storey skyscraper, which will be the tallest building in Nigeria.
The project, which integrates cutting-edge engineering with sustainable construction techniques, is expected to set new benchmarks in the African financial services sector.
“This landmark structure underscores our 130-year commitment to excellence, innovation, and long-term development,” the bank announced.
The new headquarters aims to be a symbol of progress, featuring advanced technology and environmentally conscious design.
