First Bank of Nigeria has strongly denied allegations of fraud leveled against it by Dr. Agbai Eke, a businessman from Abia State, describing the claims as “entirely unfounded and false.”
Dr. Eke recently filed a lawsuit in the Abia State High Court, alleging that over N550 million was fraudulently withdrawn from his fixed deposit account. According to his legal counsel, Ebuka Nwaeze, the funds were initially deposited to support the continued operation of First Bank’s branch in Abiriba and contribute to local community development.
The alleged fraud came to light in December 2023 when Dr. Eke reportedly lost access to his account via the bank’s mobile app and could not reach the Business Development Manager assigned to his account. Upon visiting First Bank’s Gwarinpa branch in Abuja, he claimed to have discovered six unauthorized withdrawals totaling N55 million, five withdrawals of N10 million each and one withdrawal of N5 million, despite being in Umuahia at the time of the transactions.
Dr. Eke stated that he requested the liquidation of his fixed deposit following this discovery but alleged that the bank failed to act on his request for several months.
In a statement issued by Olayinka Ijabiyi, Acting Group Head of Marketing & Corporate Communications, First Bank categorically denied any involvement in fraudulent activities. The bank attributed the issue to unethical dealings between Dr. Eke and a former employee who allegedly used a personal relationship to facilitate unauthorized transactions without the bank’s knowledge.
“We can affirm that the allegations of fraud in the bank as alluded to by ‘Dr. Agbai Eke’ are entirely unfounded and false,” the statement read. “Our findings on the matter indicate unprofessional and unethical dealings between Dr. Agbai Eke and a former FirstBank employee.”
The bank further disclosed that it has referred the case to law enforcement agencies for investigation. “The suspects have made useful statements while investigations are ongoing,” the statement added.
First Bank emphasized that it would refrain from further public comments on the matter since it is now before the court. Hearings in the case are expected to take place later this month and into April.
In a separate development, First Bank recently received approval from Lagos State Governor Babajide Sanwo-Olu to begin construction of its eco-friendly headquarters in Eko Atlantic City. The 40-story skyscraper, set to become Nigeria’s tallest building, will integrate advanced engineering and sustainable features as part of the bank’s long-term commitment to innovation and growth.
