• Abia Businessman
• Agbai
• FirstBank
• Fraudulent Withdrawal

N55 MILLION FRAUD: FIRST BANK EMBROILED IN LEGAL BATTLE WITH ABIA BUSINESSMAN, DENIES ALLEGATIONS

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  CapitalTimesNews / 3 weeks
• 0
• 2 min read

First Bank of Nigeria is facing a lawsuit from Abia-based businessman, Eke Agbai Eke, over an alleged fraudulent withdrawal of N55 million from his fixed deposit account. The account was held at the bank’s former Abiriba branch, now relocated to Uzuakoli. Eke claims that the bank has refused to return his deposit, which he originally placed to support the bank’s presence in his community and contribute to local development. The alleged fraud was discovered in December 2023 when Eke found he couldn’t access his account through the bank’s mobile app. Upon investigation, it was revealed that N55 million had been withdrawn from his fixed deposit in six consecutive transactions. Eke demanded the liquidation of his fixed deposit, but the bank took no action for months. Following multiple complaints, First Bank launched an internal investigation, resulting in the dismissal of fewer than nine senior officials allegedly linked to the fraud. In a statement, First Bank described the allegations as “unfounded and false.” The bank’s Ag. Group Head, Marketing & Corporate Communications, Olayinka Ijabiyi, said, “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.” The bank assured stakeholders that it operates with the highest standards of integrity and professionalism and remains committed to transparency, accountability, and protecting customers’ interests. The matter is currently before the court, and the bank has filed a report with law enforcement agencies for further investigation.