Lawyer drags First Bank before CBN over alleged N550m fraud

A civil society organisation, Centre For Social and Economic Justice, has dragged First Bank of Nigeria before the Central Bank of Nigeria, CBN, over allegation of funds diversion to the tune of N550million. The centre called on the CBN to revoke the license of First Bank of Nigeria for unsafe practices, and adding customer’s funds are supposed to be safe with the bank. According to a letter dated May 29, 2024, the director of the centre, Barrister U. I. Mohammed said a customer of the Bank, Dr. Agbai Eke Agbai, who has been a dedicated and resourceful customer of the First Bank of Nigeria Ltd “First Bank” with Fixed Deposit Account numbers – 6924010002639 and 5021000788976 whose funds amount to the tune of ₦ 550,000,000.00 was illegally diverted, misappropriated and fraudulently taken by the bank. A copy of the letter received at the Security Services Department of the CBN, which was also sent to First Bank, said a staff of the bank, Mrs. Shamlar Abosi, who is supposed to be the account officer of Dr Agbai, illegally tampered with her client’s account. Parts of the petition titled, “PETITION AGAINST FIRST BANK OF NIGERIA FOR FRAUD, DIVERSION AND MISAPROPRIATION OF FUNDS BELONGING TO DR. AGBAI EKE AGBAI” read, “In 2014, Mrs. Shamlar Abosi, a staff of First Bank, approached DR. AGBAI EKE AGBAI to deposit funds in First Bank for a Return on Investment, DR. AGBAI EKE AGBAI after listening to the advice of Mrs. Shamlar Abosi accepted to deposit funds in the bank for an agreed interest rate. “Fixed Deposit Accounts were subsequently opened for DR. AGBAI EKE AGBAI with the above-mentioned account numbers. The sum of ₦ 300,000,000.00 (Three Hundred Million Naira) only was deposited in Account number-6924010002639 which took effect on the 21st day of February, 2018 with interest rate of 14.5% with 364 days tenor, and the sum of ₦250,000,000.00 (Two Hundred and Fifty Million Naira) only was deposited in Account Number -5021000788976 which took effect on the 19th day of October, 2018 with interest rate of 14.5% with 364days tenor. “After the maturity date of the investment, which is on the 20th of February, 2019, and 18th of October, 2019, respectively, in September 2023, DR. AGBAI EKE AGBAI informed First Bank of his intention not to renew the investment and requested his money to be transferred to his saving account domiciled with the bank with Account number-3079342444 immediately. “Unfortunately, the money requested by DR. AGBAI EKE AGBAI to be transferred to his savings account has not been credited till date after numerous efforts to remind the bank of its failure to carry out the request. “It is also noteworthy and remarkable that Mrs. Shamlar Abosi, who persuaded DR. AGBAI EKE AGBAI into investing in the Bank, who is also the account officer and business manager of the investment, has failed to provide an explanation regarding the money of DR. AGBAI EKE AGBAI.” Barrister Mohammed said it is without doubt that the funds deposited in the Fixed Deposit Account numbers – 6924010002639 and 5021000788976 by Dr Agbai Eke Agbai has been criminally and fraudulently diverted by First Bank without his consent or notice. He said after sending their agent and officer, Mrs. Shamlar Abosi persuaded him to invest in the bank, the Bank has failed to refund the money illegally taken from him despite the numerous pleas, warnings, and notices. “We urge the Central Bank of Nigeria to investigate the fraudulent activities enumerated above, refund the money stolen and illegal diverted by First Bank, and to invoke its powers bestowed on it under Section 12 of the Banks and other Financial Institutions Act, 2020 by revoking the license of First Bank of Nigeria for unsafe practices and other fraudulent dealings”, the centre said.

First Bank Rewards Customers With N170m Prizes In Win Big Promo  

First Bank, Nigeria’s premier financial institution and leading financial inclusion services provider, has launched the Win Big promo to reward and delight its valued customers. The four-month promo, which runs till February 2023 will reward several new and existing customers of the Bank with a total cash reward of N170 million.   At the end of the four-month promo, 1,240 new and existing customers would have been rewarded with N100,000.00 each as each month will have 310 new and existing customers winning N100,000. Up to 40,000 customers who reactivate their dormant account stand a chance to win free airtime as 10,000 customers will be rewarded with free airtime monthly for reactivating their dormant account. 6 customers will emerge lucky winners of N1,000,000 each in the grand finale draw. The promo is open to new and existing savings and current account customers. To open a FirstBank account, dial USSD code *894*0#and follow the prompt or visit the Bank’s website and click on “Open Account”. You can also visit any FirstBank branch near you to open an account. To qualify for the N100,000 monthly draw, customers will have to deposit and maintain a minimum amount of 5,000.00 in their account monthly and transact a minimum of 5 times transactions on any of the Bank’s digital channels: FirstMobile, LIT App, USSD, First Online as well as Debit Card transactions. Customers who are eligible to win N1,000,000 must have a deposit of N50,000.00 monthly for four consecutive months or maintain a minimum deposit of N200,000.00 for four months and transact a minimum of 5 times on any of the Bank’s digital banking channels; FirstMobile, LIT App, USSD, First Online as well as Debit Card transactions to qualify for the grand finale draw. Customers who reactivate their account(s) are also eligible to win. For reactivating their account,  the first 10,000 customers to deposit N1,000.00 and transact on any of the Bank’s digital channels: FirstMobile, LIT App, USSD, First Online and Debit Card transactions will be rewarded with free airtime. Customers who reactivate their dormant account could also qualify for the monthly draw when they deposit and maintain a minimum amount of N5,000 monthly and transact a minimum of 5 times on any of the Bank’s digital channels. They could also emerge winners of N1,000,000 in the grade finale draw if they meet the criteria. To reactivate the account, the customers will have to dial USSD code *894*7# and follow the prompt to reactivate Tier 1 accounts or visit any nearest FirstBank branch for Tier 2 and 3 account reactivation. “We are thrilled to launch this promo in appreciation of the patronage, trust and loyalty our customers have shown us over the years. The exciting modalities of the promo reflect our commitment to enhancing the banking experience of our customers across any or all of our digital banking services. “This is the season when FirstBank provides opportunities and platforms for the yearly memorable homecoming experience from across the world. The promo is an enabling opportunity for customers, their friends, and families to have exciting, fun-filled, memorable experiences. We encourage our customers to seize this opportunity and participate actively’ she concluded,” said Ms. Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank Group.