First Bank denies losing N7bn to fraud incident

By Abubakar Yunusa

First Bank of Nigeria (FBN) has denied having any record of fraud incident in its institution.
The bank’s statement follows a recent media report which claimed that the bank lost N7 billion to a fraud incident.
According to the report, the incident, which reportedly began several months ago, involved the unauthorised diversion of funds from several customers’ accounts by unknown persons.
Responding to the allegation on Monday, First Bank in a statement signed by Olayinka Ijabiyi, its acting group head, marketing and corporate communications, said the reports were “not backed by evidence”.
“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution,” the bank said.
“We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence.”
On December 9, TheCable reported that Adeduntan Folake Ani-Mumuney was asked to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company.
The development was due to the huge amount spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in an N60 billion electronic fraud.