- Court Summons FBN MD, Alebiosu, Branch Manager, Others
By Abiola Olawale
A prominent businessman from Abia State, Dr. Eke Agbai, has reportedly filed a lawsuit against First Bank of Nigeria(FBN), alleging a premeditated and intentional fraud involving N550 million from his fixed deposit account.
The case was brought before the Abia State High Court in Umuahia. Agbai, represented by his counsel, Ebuka Nwaeze, claimed that the bank allegedly engaged in fraudulent, dubioud and unethical practices after he placed the above hefty deposit with the bank’s Abiriba branch located in Abia State, under a fixed deposit term, and an appropriate certificate duly issued to him for the said sum.
According to the suit, the businessman had lodged the funds as part of an effort to support the local community’s development by ensuring the branch’s continued operations in Abiriba, Ohafia Local Government Area of Abia state.
He stated that his decision to deposit the sum was spurred by concerns over the potential closure of the branch, which he viewed as detrimental to the local economy, and would have adverse consequences on the commercial activities of the locals.
The business further added that the alleged fraud came to his attention, and indeed public knowledge sometime in December 2023 when he noticed sharp irregularities with his account.
According to court documents, this prompted Dr Agbai to carry out an investigation. According to a video now in circulation, this move to him on a visit to First Bank’s Gwarinpa branch in Abuja, where he was shockingly informed that his fixed deposit had been depleted through six consecutive unauthorized, inappropriate and unethical withdrawals totalling N550 million.
Agbai asserted that First Bank failed to honour its fiduciary, ethical responsibilities and refused to refund the missing funds despite several and repeated demands.
He alleged that the bank’s actions were deliberate, pointing to what he describes as a pattern of misconduct, fraud and inappropriate practices.
Meanwhile, the Abia State High Court presided over by Justice U.D. Enwereji has adjourned the case (marked HU/233/2024) to March 26 and April 2 for further hearings, respectively.
During the proceedings, Justice Enwereji ordered the issuance of subpoenas to key witnesses, including the former Group Managing Director of First Bank, Elder U.K. Eke, the current Managing Director, Olusegun Alebiosu, and the manager of the bank’s Uzuakoli branch, where the Abiriba operations were reportedly relocated.
