A businessman Dr. Eke Agbai has filed a lawsuit against First Bank of Nigeria, alleging that the bank fraudulently withheld his ₦550 million fixed deposit. He is demanding full reimbursement of the funds.

Dr. Agbai, a prominent businessman and community leader in Abiriba, Abia State, initiated legal action at the Abia State High Court over what he described as a premeditated scheme to defraud him.

According to the lawsuit, filed by his legal counsel, Ebuka Nwaeze, the businessman deposited the funds to prevent the withdrawal of First Bank’s branch from Abiriba, seeing it as a way to support the development of his community.

However, he alleged that despite multiple requests, First Bank has refused to return the funds.

Dr. Agbai became aware of the issue in December 2023 when he suddenly lost access to his personal account via the bank’s mobile app. His efforts to reach the Business Development Manager were unsuccessful.Upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that ₦55 million had been withdrawn from his fixed deposit in six consecutive transactions, despite the fact that he was in Umuahia at the time of the unauthorized deductions.

Following this discovery, he demanded the liquidation of his fixed deposit, but months passed with no response from the bank.

After multiple complaints, First Bank conducted an internal investigation, leading to the dismissal of fewer than nine senior officials allegedly involved in the fraud.While First Bank’s legal team has declined to comment, the plaintiff’s lawyers have publicly stated that they will pursue all legal remedies to ensure Dr. Agbai recovers his funds.

The case is now before the Abia State High Court, as the

businessman seeks justice and full restitution of his deposit.

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