First Bank of Nigeria (FBN) Limited has strongly denied claims of losing ₦7 billion to a fraud incident, dismissing the allegations as baseless and unsupported by evidence.
In an official statement released by the bank, Olayinka Ijabiyi, Acting Group Head of Marketing & Corporate Communications, categorically refuted the report published by an online news platform.
“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence,” Ijabiyi stated in an email notice.
The report, which alleged that ₦7 billion was stolen from customer accounts by unknown individuals, has sparked significant attention. First Bank, Nigeria’s oldest financial institution, is at the centre of the claims, but the bank insists that the story is devoid of truth.
The controversy follows another report that the bank’s Global Head of Marketing and Corporate Communications, Folake Ani-Mumuney, was asked to step down. This development was reportedly linked to the reaction of the group chairman, Femi Otedola, who was allegedly displeased with an extravagant send-off party organised for the bank’s former Group Managing Director (GMD), Adesola Adeduntan.
Adeduntan, who served as GMD for nine years, resigned in April 2024 amid allegations of negligence related to a ₦60 billion electronic fraud case. While the bank has not commented on these specific claims, the reported leadership reshuffles and internal disputes have drawn public scrutiny.
First Bank has maintained its position as a trusted financial institution, emphasising its commitment to transparency and security. In the wake of these allegations, the bank has reassured customers and stakeholders of its dedication to safeguarding their funds and maintaining operational integrity.
The financial institution’s swift denial of the ₦7 billion fraud underscores its intent to protect its reputation and counter misinformation. However, the public and industry stakeholders will be closely monitoring developments as the situation unfolds.
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