A businessman, Eke Agbai, has alleged that his N550 million, kept in First Bank on fixed deposit, is missing
FirstBank has denied the fraud allegation by its customer, and the case is presently in court for resolution
First Bank is one of the oldest financial institutions in Nigeria, with branches in Africa and Europe

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

A Nigerian businessman, Eke Agbai, has accused FirstBank of failing to account for N550 million, which he allegedly placed in a fixed deposit account.

He claimed that FirstBank refused to return the deposit he made and that he could no longer access his account through the bank’s mobile app or reach the Business Development Manager.

Read also:
Emo Kid From Horton Hears A Who The Untold Story

First Bank denies allegation of fraud Photo credit: Bloomberg/contributorSource: Getty Images

FirstBank in response denied the allegation, calling it “entirely unfounded and false' and revealed that it is an ongoing court case.

In a statement on Friday, March 14, FirstBank said its internal investigation revealed "unprofessional and unethical dealings" between Agbai and a former bank employee.

The bank claims the transactions were conducted outside its knowledge and involvement, facilitated through a personal relationship between the businessman and the ex-employee.

The bank added that it has reported the matter to law enforcement for further investigation.

First Bank statement reads:

"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.

"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."

Read also:
Natural Disasters Cause 310bn In Economic Losses In 2024 Swiss Re

FirstBank promises to protect customers' interests. Photo credit: firstbankSource: UGC

FirstBank emphasised its commitment to transparency and the protection of customer interests, BusinessDay reports.

The bank added:

"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."

First Bank unveils new corporate name, identity to public

Earlier, Legit.ng reported that First Bank Holding Company(FBN Holding) has unveiled its new name, First HoldCo Plc (FirstHoldCo) on the Nigerian Exchange (NGX) marking a significant shift in its corporate identity.

The financial institution in recent months has made efforts to create a uniform identity across all its subsidiaries in Nigeria and abroad as it seeks to reposition its growth and brand strategically.

There is also a change to its ticker from FBNH to FirstHoldco and the CEO has shared the idea about the rebranding.