•Accuses Bank Of Unsafe Practices
•Wants Operational Licence Revoked
The First Bank of Nigeria, FBN, has been accused of funds diversion amounting to N550,000,000.00.
The Centre For Socio and Economic Justice made the accusation through its complaint to the Central Bank of Nigeria, CBN, just as it called on the apex bank to revoke First Bank’s licence due to unsafe practices.
In a letter dated, Wednesday, May 29, 2024, the group through its Director, Barrister U. I. Mohammed, claimed that a customer of the bank, Dr Agbai Eke Agbai, had his funds illegally diverted, misappropriated, and fraudulently taken by the bank.
It would be recalled that Dr Agbai had held Fixed Deposit Account numbers 6924010002639 and 5021000788976, with funds totalling N550,000,000.00.
The letter, which was said to have been received by the Security Services Department of the CBN and also sent to First Bank, stated that a staff member of the old generation bank, Mrs Shamlar Abosi, who was supposed to be Dr Agbai’s account officer, illegally tampered with the account.
Part of the petition titled, ‘Petition Against First Bank of Nigeria For Fraud, Diversion, And Misappropriation Of Funds Belonging To Dr Agbai Eke Agbai,’ read: “In 2014, Mrs Shamlar Abosi, a staff member of First Bank, approached Dr Agbai Eke Agbai to deposit funds in First Bank for a return on investment. After listening to Mrs Abosi’s advice, Dr Agbai agreed to deposit funds in the bank at an agreed interest rate.
“Fixed Deposit Accounts were subsequently opened for Dr Agbai with the above-mentioned account numbers.
“The sum of N300 million (Three Hundred Million Naira) was deposited in Account number 6924010002639, effective February 21, 2018, with an interest rate of 14.5% and a 364-day tenor.
“Additionally, N250 million (Two Hundred and Fifty Million Naira) was deposited in Account Number 5021000788976, effective October 19, 2018, with an interest rate of 14.5% and a 364-day tenor.
“After the maturity dates of the investments on February 20, 2019, and October 18, 2019, respectively, in September 2023, Dr Agbai informed First Bank of his intention not to renew the investment and requested that his money be transferred to his savings account with the bank, account number 3079342444, immediately.
“Unfortunately, the money requested by Dr Agbai to be transferred to his savings account has not been credited to date, despite 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 and is also the account officer and business manager for the investment, has failed to provide any explanation regarding the funds of Dr Agbai Eke Agbai.”
Barrister Mohammed, who further stated that it is undoubtedly that the funds deposited in the Fixed Deposit Account numbers 6924010002639 and 5021000788976 by Dr Agbai have been criminally and fraudulently diverted by First Bank without his consent or notice, added that after sending their agent and officer, Mrs Abosi, to persuade him into investing in the bank, the bank has failed to refund the money ‘illegally’ taken from him despite numerous pleas, warnings, and notices.
“We urge the Central Bank of Nigeria to investigate the fraudulent activities enumerated above, refund the money stolen and illegally diverted by First Bank, and invoke its powers under Section 12 of the Banks and Other Financial Institutions Act, 2020 by revoking the licence of First Bank of Nigeria for unsafe practices and other fraudulent dealings,” said the centre.
Source: The Gazelle News
All rights reserved. This material and other digital content on this website may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without the prior express written permission of THE NEWS ACCELERATOR NETWORK.
For advertising inquiries, please contact thenewsacceleratornetwork@gmail.com or 08033599492. For news coverage or press releases, call 08022717838.
Post a Comment