A Nigerian businessman, Agbai Eke Agbai, has raised concerns over the alleged disappearance of N550 million placed in a fixed deposit account with First Bank of Nigeria.
He said the funds were deposited at the bank’s Abiriba branch after a request from a former Group Managing Director who sought support to sustain the branch’s operations. According to him, he was issued a certificate confirming the transaction at the time.
The issue reportedly began when he attempted to access the funds. During a visit to Abuja, he approached the bank for a withdrawal but was informed that N55 million had already been withdrawn without his approval. Bank officials allegedly claimed the transaction was carried out by him at a branch in Umuahia, a claim he denied, stating he was outside the country at the time.
Following an internal review, the bank reportedly refunded the N55 million after acknowledging the withdrawal was unauthorised. However, Agbai said his concerns escalated when he later sought to close the account and was told that the N550 million principal could not be located.
The development has raised fresh concerns about accountability and internal controls within the banking sector, with calls growing for a thorough investigation into the matter.
