…..Allegations Of Fraud Unfounded, False – First Bank
AN Abia State-based 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Upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that N55 million had been withdrawn from his fixed deposit in six consecutive transactions — even though he was in Umuahia at the time of the unauthorised deductions.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 no fewer than nine senior officials allegedly linked to the fraud.
While First Bank’s legal counsel declined to comment, the plaintiff’s lawyers have publicly addressed the matter.
The Abia State High Court sitting in Umuahia has adjourned the case between Dr Eke Agbai and First Bank of Nigeria Ltd. to 26 March and 2 April for the commencement of the hearing.
The case, marked HU/233/2024, centres on Dr Agbai’s claim that First Bank refused to release his fixed deposit of N550 million, which he had lodged with the bank’s Abiriba branch to support its continued presence in the community.
During Tuesday’s proceedings, both parties were present in court The presiding judge, Justice U.D. Enwereji, subsequently adjourned the case to allow for a proper hearing and presentation of evidence.
She also directed that a formal subpoena be issued to key witnesses, including the former Group Managing Director of First Bank, Elder U.K. Eke, the current Managing Director, Olusegun Alebiosu, and the current manager of the bank’s Uzuakoli branch, among others, before its proper hearing on the 26th of March.
The plaintiff’s counsel, Mr Ebuka Nwaeze, described the situation as unfortunate, expressing concerns over how First Bank handled his client’s funds.
He explained that the dispute began in December 2023 when Dr Agbai returned from the United States and discovered N550 million had been withdrawn from his account in Umuahia, even though he was in Abuja at the time.
Following this incident, Dr Agbai requested the liquidation of his fixed deposits, fearing they might also be compromised.
However, First Bank allegedly delayed the process, later claiming they could no longer trace the deposits in their system.
“As he pushed for the return of his funds, the bank’s deposit advisers claimed that they could not trace his fixed deposits in their system.
“He wrote to the bank’s Managing Director and the Central Bank of Nigeria (CBN), but they kept saying they were investigating. That is why he had to bring the matter to court,” Nwaeze explained.
Nwaeze noted that it was the first time the defendant had appeared in court since the case commenced.
Speaking to newsmen after the court session, Dr Agbai described First Bank’s handling of the matter as deeply disappointing, stressing that his funds were initially deposited as a result of a direct appeal made by the then Group Managing Director, Elder U.K. Eke.
“I deposited this money over 10 years ago because First Bank reached out to some of us, the prominent sons of Abiriba, seeking financial support to prevent the closure of their branch.”
Allegations Of Fraud Unfounded, False – First Bank
Meanwhile, First Bank in a rebuttal, described the allegations as “unfounded and false”. The bank says its findings on the matter indicate unprofessional and unethical dealings between Dr Agbai Eke and a former First Bank employee, using a personal relationship to facilitate unauthorised transactions outside the bank’s knowledge or involvement.
We have been made aware of a recent publication by Thisday Newspaper, Arise Television and a circulating video regarding a court case filed by a customer, Dr Agbai Eke, against First Bank.
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 First Bank employee, using a personal relationship to facilitate unauthorised 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 enforcement for further proper investigations and the suspects have made useful statements while the investigations are ongoing.
First Bank 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.
Signed:
Management
Eighteen-Eleven Media