First Bank Refutes Allegations of N55 million Fraud, Says Allegations Unfounded And False

First Bank of Nigeria has denied allegations of N55 million fraud incident, describing the claims as “entirely unfounded” and lacking any factual basis.

This was gathered in an official statement signed by the Ag. Group Head, Marketing & Corporate Communications, Olayinka Ijabiyi.

The statement reads: We have been made aware of a recent publication by Thisday Newspaper, Arise Television, and a video circulating, 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’ is 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.

As the matter is currently before the Court, we will refrain from further comment to allow the Court to dispassionately determine the issues before it.

The Bank has equally filed a report to law enforcements for further 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”.

Meanwhile, recall that an Abia businessman, Eke Agbai Eke, has sued First Bank of Nigeria 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, 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.