First Bank of Nigeria has strongly denied allegations of fraud made by Abia businessman Dr. Agbai Eke, dismissing the claims as “entirely unfounded and false.”

Dr. Eke recently filed a lawsuit in an Abia State High Court, alleging that over N550 million was fraudulently withdrawn from his fixed deposit account. His lawyer, Ebuka Nwaeze, stated that the deposit was made to support the bank’s Abiriba branch and contribute to community development, given Dr. Eke’s local leadership role.

The businessman claims he discovered the alleged fraud in December 2023 when he lost access to his account via the bank’s mobile app and could not reach the Business Development Manager. Upon visiting First Bank’s Gwarinpa branch in Abuja, he reportedly learned that N55 million had been withdrawn in six unauthorized transactions, even though he was in Umuahia at the time.

Dr. Eke further alleged that after demanding the liquidation of his fixed deposit, the bank failed to take action for months.

Reacting to the claims, First Bank issued a statement through its Acting Group Head of Marketing & Corporate Communications, Olayinka Ijabiyi, refuting the allegations.

“We can affirm that the allegations of fraud in the bank as alluded to by Dr. Agbai Eke are entirely unfounded and false. Our findings on the matter indicate unprofessional and unethical dealings between Dr. Eke and a former FirstBank employee, who used a personal relationship to facilitate unauthorized transactions outside the bank’s knowledge or involvement.”

The bank confirmed that it has referred the case to law enforcement for further investigation, stating that the suspects had provided “useful statements” while inquiries continue.

“As the matter is before the Court, we will refrain from further comments to allow for an impartial judicial process,” the statement added.