Fraud scandal hits First Bank as Dr. Eke Agbai sues over missing ₦550 million fixed deposit

A major financial scandal has erupted at First Bank, Abiriba Branch , as prominent businessman Dr. Eke Agbai has taken legal action against the institution over the alleged disappearance of his ₦550 million fixed deposited in the bank.

The shocking revelation has sent shockwaves through the banking sector, raising serious concerns about the integrity of the bank’s staff and its internal financial controls.

According to Dr. Agbai, he deposited the sum with the bank under a fixed-term agreement, only to discover that the funds were no longer available when he attempted to make a withdrawal. Despite repeated attempts to seek clarification from the bank’s management, no satisfactory explanation was provided, forcing him to escalate the matter legally.

Sources privy to the situation suggest that this case is not an isolated incident but rather part of a troubling pattern of fraudulent activities within  financial institutions.

Insiders allege that high-ranking officials within the bank may have been involved in a systematic scheme to divert customers’ funds. The scandal has now prompted calls for an in-depth audit of the branch’s financial records, with many wondering how such a colossal sum could vanish without trace.

Legal experts suggest that if the allegations are proven true, the case could have far-reaching consequences, not only for the accused staffs but also for the reputation of First Bank as a whole.

The Central Bank of Nigeria (CBN) and other financial regulatory bodies are urged to monitor the situation closely. In light of the growing concerns about banking fraud in Nigeria, this case may serve as a test of the country’s financial oversight mechanisms.

Meanwhile, customers of First Bank have expressed fears over the safety of their deposits,  calling for increased transparency and stronger anti-fraud measures to protect depositors.

Dr. Agbai’s legal team has vowed to pursue the matter to its logical conclusion, stating that justice must be served. “This is not just about my client; it’s about restoring trust in the banking sector,” one of his attorneys said. “We are determined to ensure that those responsible are held accountable.”

As the case unfolds, all eyes are on the management of First Bank, which has not issued any official statement on the matter. Will the bank take responsibility and compensate Dr. Agbai, or will this case expose deeper rot within Nigeria’s financial system?