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.

Legal Showdown: 60 lawyers sue DSS for withholding Emefiele’s release

No fewer than 60 legal practitioners on Monday, approached a High Court of the Federal Capital Territory to begin committal proceedings against the Department of State Services (DSS). The lawyers said the suit was hinged on what they described as violation of multiple judgments and orders of court directing the agency to release former Central Bank Governor, Mr Godwin Emefiele. The lawyers led by Mr Maxwell Opara and Mr Ahmed Tijani, prayed the court to commit the DSS to prison the department clears itself  of the contempt. The lawyers filed a motion before the court for the issuance of Form 48 and Form 49, which are the forms used to commence proceedings to commit a contemnor to prison. The lawyers said that by the judgments and orders of Justice M. A. Hassan, Justice Hamza Muazu and Justice Bello Kawu, the DSS Director -General ought to have released  Emefiele from detention. In an affidavit in support of the application, the lawyers deposed to the fact Justice  Hassan restrained the respondents, particularly, the DSS from arresting, detaining, or interrogating Emefiele. This was with regards to offences connected to terrorism financing, money laundering, round tripping and financial crimes of national security dimension. They also deposed that despite the clear and positive orders of the court, the DSS  went ahead to arrest and detain  Emefiele and had  detained him for over a month while shopping for evidence, which did not exist. Addressing newsmen after filing their processes, Opara said the group would pursue the matter to its logical conclusion and ensure that Bichi was sent to prison. He said this was to serve as a deterrent to other heads of security agencies that disobedience of court orders would no longer be tolerated. Opara also said it was preposterous that the DSS had accused  Emefiele of having committed heinous crimes against the state only for it to now file a charge of possession of a validly registered pump action rifle against him. “Is it not clear enough to Nigerians that the DSS is persecuting  Emefiele if after holding him for five weeks they can only file a ridiculous charge of possessing a validly registered pump action gun?” “This clearly shows  that the travail of Emefiele is more for political reasons than for any other.”