The management of FirstBank Plc has admitted the culpability of one of its ex-employees in the missing N550m fixed deposit fund belonging to Abia Busi
The management of FirstBank Plc has admitted the culpability of one of its ex-employees in the missing N550m fixed deposit fund belonging to Abia Businessman, Dr Agbai Eke.
The bank admitted the wrongdoing in a statement issued on Friday and signed by the management.
In the statement, First Bank claimed that based on its findings, the ex-employee facilitated unauthorised transactions outside the bank’s knowledge or involvement.
The statement reads in part, “Our findings on the matter indicate unprofessional and unethical dealings and a former FirstBank 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 with law enforcement for further proper investigations and the suspects have made useful statements while the investigations are ongoing.
“We assure our stakeholders that we operate with the highest standards of integrity and professionalism.”
The Abia State High Court sitting in Umuahia had on Tuesday adjourned the case between Dr Eke Agbai and First Bank of Nigeria Ltd. to March 26 and April 2 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 N550m, 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.
Explaining how the fraud incident happened, the plaintiff’s counsel, 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.
After several complaints, the bank refunded the missing money but allegedly failed to conduct a proper investigation.
Following this incident, Dr Agbai requested the liquidation of his fixed deposits, fearing they might also be compromised.
However, FirstBank 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 started claiming 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.
Similarly, Dr Agbai described FirstBank’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 FirstBank reached out to some of us, the prominent sons of Abiriba, seeking financial support to prevent the closure of their branch.
“I trusted them and left N550 million in fixed deposits, N250 million, and N300 million. Now, they are telling me my money is nowhere to be found,” he said.
Agbai also alleged that First Bank had a pattern of financial misconduct, citing the case of a former chairman of the bank who allegedly absconded with funds.
“This bank is busy constructing the biggest headquarters while engaging in fraudulent activities. Instead of fixing its internal corruption, they are dragging me to court over my own money,” he stated.
He further argued that FirstBank should not be allowed to separate itself from the fraudulent actions of its staff.
“I transacted with FirstBank, not with individual employees. They now want to act like it’s a personal issue between me and their agents. But their agents are a reflection of the institution itself. The bank must take full responsibility,” he insisted.
Beyond seeking the return of his N550 million, Dr Agbai noted that he is demanding interest on the withheld funds and N1 billion in damages.
“For two years, my money has been held hostage, preventing me from engaging in business. The damages I have suffered are immense.
“I expect the court to see the fraud in this case and send a strong message to FirstBank and other financial institutions that this kind of activity must stop,” he declared.
The plaintiff warned other depositors to be vigilant, emphasising that if a fixed deposit, funds meant to be locked and secure, could be tampered with, then no one’s money was safe.
“If a bank can tell me that my fixed deposit has disappeared from their system, what does that mean for ordinary customers? This bank has serious supervisory issues, and there’s an urgent need for a full investigation,” he said.
