Abia Businessman Sues First Bank Over Alleged N550m Fraud, Court Hearing Adjourned to March 26

An Abia businessman, Eke Agbai Eke, has sued First Bank of Nigeria over an alleged fraudulent withdrawal of N550 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Upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that N550 million had been withdrawn from his fixed deposit in six consecutive transactions—even though he was in Umuahia at the time of the unauthorized deductions.

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 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 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.

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The presiding judge, Justice U.D. Enwereji subsequently adjourned the case to allow for a proper hearing and presentation of evidence.