Alleged N550m Fraud; Transactions ‘Unauthorised, Unprofessional’… First Bank Denies Allegations

The New Diplomat
Writer

Ad

Tinubu Departs Brazil for Nigeria After State Visit

By Abiola Olawale President Bola Ahmed Tinubu has concluded a three-day state visit to Brazil, departing the country for Abuja on Wednesday, August 27, 2025. The New Diplomat reports that the presidential jet took off from Brasília International Airport Air Force Base, with a ceremonial send-off attended by Brazil’s Secretary for Africa and the Middle…

President’s son jailed 6 years in fraud case as power tussle soars in Equatorial Guinea

• Two brothers at war over who succeeds Nguema Mbasogo By Obinna Uballa An Equatorial Guinea court has sentenced Ruslan Obiang Nsue, son of President Teodoro Obiang Nguema Mbasogo, to six years in prison for illegally selling a plane belonging to the state airline, Ceiba Intercontinental, a case analysts say reflects growing rivalry within the…

Details: Why Roosevelt Ogbonna Quit Access HoldCo board

• He remains Bank MD, Says Access By Obinna Uballa Access Holdings Plc has explained that Mr. Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, resigned from the Board of the HoldCo to comply with regulatory guidelines issued by the Central Bank of Nigeria (CBN). The company, in a statement signed…

Ad

By Kolawole Ojebisi

First Bank has dissociated itself from an alleged fraudulent transaction prompting a customer, Agbai Eke, to initiate a lawsuit against the financial institution.

Clarifying what actually transpired in a statement on Saturday, the bank described the claims by Eke as “entirely unfounded and false,” attributing the matter to “unprofessional and unethical dealings” between the customer and its former First Bank employee.

“We can affirm that the allegations of fraud in the Bank as alluded to by ‘Dr. Agbai Eke’ are entirely unfounded and false,” the bank said.

“Our findings on the matter indicate unprofessional and unethical dealings between Agbai Eke 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 said it has reported the case to law enforcement agencies, leading to an ongoing investigation.

First Bank added that the suspects had provided useful statements to assist in the probe.

Reaffirming its commitment to transparency, accountability, and the protection of its customers’ interests, the bank assured stakeholders that it operates with the highest standards of integrity and professionalism.

Ad

X whatsapp