A Nigerian businessman, Eke Agbai, has accused FirstBank of failing to account for N550 million, which he allegedly placed in a fixed deposit account.

He claimed that FirstBank refused to return the deposit he made and that he could no longer access his account through the bank’s mobile app or reach the Business Development Manager.

FirstBank in response denied the allegation, calling it “entirely unfounded and false' and revealed that it is an ongoing court case.

In a statement on Friday, March 14, FirstBank said its internal investigation revealed "unprofessional and unethical dealings" between Agbai and a former bank employee.

The bank claims the transactions were conducted outside its knowledge and involvement, facilitated through a personal relationship between the businessman and the ex-employee.

The bank added that it has reported the matter to law enforcement for further investigation.

First Bank statement reads:

"We have been made aware of a recent publication by Thisday Newspaper, Arise Television, and a circulating video regarding a court case filed by a customer, Dr. Agbai Eke, against FirstBank.

"We can affirm that the allegations of fraud in the Bank as alluded to by 'Dr. Agbai Eke' are entirely unfounded and false. Our findings on the matter indicate unprofessional and unethical dealings between Dr. Agbai Eke and a former FirstBank employee, using a personal relationship to facilitate unauthorized transactions outside the bank's knowledge or involvement.

"As the matter is currently before the Court, we will refrain from further comments to allow the Court to dispassionately determine the issues before it.

"The Bank has equally filed a report to law enforcements for further proper investigations, and the suspects have made useful statements while the investigations are ongoing."

FirstBank emphasised its commitment to transparency and the protection of customer interests, BusinessDay reports.

The bank added:

"FirstBank remains committed to transparency, accountability, and the protection of its customers' interests.

"We assure our stakeholders that we operate with the highest standards of integrity and professionalism."