First Bank Denies Allegation of N550m Fraud By Businessman, Agbai Eke

First Bank of Nigeria has refuted allegations of fraud leveled against it by Dr. Agbai Eke. 

Eke, an Abia businessman, had sued First Bank over alleged ₦550 million fixed deposit fraud, demanding full reimbursement.

In his lawsuit, Eke alleged that First Bank refused to return the N550 million deposit he made following the threat of withdrawal of the Branch from Abiriba.

He further claimed that he discovered the alleged fraud in December 2023 when he could no longer access his personal account through the bank’s mobile app and was unable to reach the Business Development Manager.

Eke added that he later visited First Bank’s Gwarinpa branch in Abuja, and he was reportedly informed that N55 million had been withdrawn from his fixed deposit in six consecutive transactions —even though he was in Umuahia at the time of the unauthorized deductions.

He also alleged that he demanded the liquidation of his fixed deposit, but months passed without any action from the bank.

However, First Bank, in a statement issued Friday, described the fraud allegation as entirely unfounded and false.

The bank noted that its findings revealed an unprofessional and unethical dealings between Eke and a former FirstBank employee.

“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 FirstBank.

“We can affirm that the allegations of fraud in the Bank as alluded to by ‘Dr. Agbai Eke’ are 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.