“My N10.5m Has Disappeared, First Bank Must Refund Me” – Customer Cries Out After CBN Report

A First Bank customer, Mr. Fabiyi, has accused the bank and the Central Bank of Nigeria (CBN) of complicity after losing his N10.5 million fixed deposit investment, insisting he will not relent until his money is refunded.

Speaking after the CBN concluded its investigation into the matter, Fabiyi questioned the credibility of the findings, which claimed he had a “personal business relationship” with a former First Bank business manager, Abdulwahab Sani Shehu.

“A lawyer within First Bank had first falsely claimed I had a personal business relationship with Abdulwahab Sani Shehu, and now, the CBN is making the same claim?

How am I even sure the investigation was thoroughly carried out without inducement and bias?

Now, the business banker is nowhere to be found and my N10.5 million has disappeared. I am not going to relent on this matter. First Bank must cough out my N10.5 million,” Fabiyi declared.

CBN’s Conclusion

In its report, the apex bank stated:

“The investigation revealed a personal business relationship between the complainant (Fabiyi) and the former business manager (Shehu).

When the business deal went bad, the complainant turned to the bank to recover lost funds. The bank is not liable. The former business manager acted beyond the scope of his official duties to perpetrate this fraudulent activity.”

How It Started

FIJ had earlier reported that Fabiyi discovered in July that his fixed deposit, initiated in 2019, had been terminated without his consent since 2022. The funds, amounting to N10.5 million, were diverted by Shehu, who later vanished.

Although First Bank dismissed Shehu, the bank has refused to refund Fabiyi’s money.

OLARM Entertainment Denies Role

Meanwhile, lawyers representing OLARM Entertainment Global, whose account was allegedly used by Shehu in the fraudulent dealings, have denied any involvement.

In a letter to FIJ, the company’s legal representatives insisted that Shehu used one of OLARM’s accounts without the knowledge or consent of its signatories.

They revealed that OLARM had raised the alarm to First Bank through a pre-action letter dated July 14, after noticing unusual activities. The company also suffered account restrictions during the period, which were later lifted.

The lawyers stressed that OLARM was also a victim of Shehu’s fraud and should not be linked to the N10.5 million disappearance.