INVESTIGATION

BREAKING: How Otedola-led First Bank Nigeria ‘Stole’ N550 Million, From Customer’s Account

Facts have emerged on how staff of First Bank led by businessman, Femi Otedola reportedly conspired to steal a whopping sum of N550 million from the account of Abia businessman, Eke Agbai Eke.

ENigeria News reports that Dr. Eke Agbai Eke had sued First Bank Nigeria over a suspicious 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 the Femi Otedola-led 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.

ENigeria News reports that upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that N550 million had been withdrawn from his fixed deposit in six consecutive transactions—even though he was in Umuahia at the time of the unauthorized deductions.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, centers 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.

Akolam Emmanuel

Akolam Emmanuel is a deputy editor at ENigeria News. He is an astute writer and experienced journalist with years of editorial excellence. He leads the team of journalists at ENigeria News.

Recent Posts

Trial Begins in Former Kwara Gov. Alhaji Abdulfatah Ahmed’s N5.8Billion Fraud Case

Trial in the alleged N5.8 billion Universal Basic Education Board fraud case of past Governor…

1 day ago

Biography of Lady Ada Chukwudozie, Chairman, Keystone Bank

This is the biography of Lady Ada Chukwudozie, Chairman of Keystone Bank and Executive Director…

1 day ago

Wave of Defection Hit Kaduna APC, As More Politicians Defect…

A major wave of defection has hit the ruling All Progressives Congress (APC) in Kaduna…

1 day ago

Supreme Court Okays EFCC’s Probe of Peter Odili’s Tenure

In a landmark ruling on Monday, March 10, 2025, the Supreme Court of Nigeria dismissed…

2 days ago

Cause of Massive Fire on Otedola Bridge Lagos, Last Night

Otedola Bridge inwards Lagos witnessed a massive fire last night causing heavy gridlock and leaving…

2 days ago

Why Nigerians Finally Switched to SLTV Decoders, Dump MultiChoice and DSTV

Many Nigerians have finally switched from DSTV to SLTV decoders, powered by a new rapidly…

2 days ago