An Abia State-based businessman, Dr. Eke Agbai, has dragged First Bank Nigeria before an Abia State High court over what he describes as premeditated fraud of over N550 million from his fixed deposit account with the bank.
In the lawsuit filed by his lawyer, Ebuka Nwaeze, the claimant stated that First Bank had refused to return the deposit made by his client.
He said the cumulative deposit amounting to N550 million was initiated by his client following the threat of withdrawal of the Branch from Abiriba, in furtherance of his desire to sustain the development of the Community of which he is a leader
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.
He said upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that N55 million had been withdrawn from his fixed deposit in six consecutive transactions—even though he was in Umuahia at the time of the unauthorised deductions.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.