A civil society organisation, Centre For Social and Economic Justice, CESEJ, has reported a commercial bank, First Bank of Nigeria, to the Central Bank of Nigeria, CBN, over alleged funds diversion to the tune of N550 million.
The Director of the Centre, Barrister U. I. Mohammed, in a letter dated May 29, 2024, alleged that funds amounting to N550,000,000.00, belonging to a customer, Dr Agbai Eke Agbai, with Fixed Deposit Account numbers – 6924010002639 and 5021000788976 – was illegally diverted, misappropriated and fraudulently taken by a staff of the bank.
The letter, received at the Security Services Department of the CBN, and also sent to First Bank, alleged that a staff of the bank, Mrs Shamlar Abosi, who is supposed to be Agbai’s account officer, illegally tampered with her client’s account.
Parts 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 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 364 days 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 Savings 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 explanation regarding the money of Dr Agbai Eke Agbai.”
The lawyer, Mohammed, urged the CBN to intervene in the matter.
“We urge the Central Bank of Nigeria to investigate the fraudulent activities enumerated above, refund the money stolen and illegally diverted by First Bank.”
He also urged the CBN to sanction the bank for unsafe practices, by invoking its powers, under Section 12 of the Banks and other Financial Institutions Act, 2020.
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