A Nigerian businessman, Agbai Eke Agbai, has sounded the alarm over the alleged disappearance of N550 million he lodged in a fixed deposit account with First Bank of Nigeria.
Agbai explained that the deposit was made at the bank’s Abiriba branch after a request from a former Group Managing Director, who sought support to keep the branch operational in the community. He noted that a certificate confirming the transaction was issued at the time.
Trouble, however, began when he attempted to access the funds. During a visit to Abuja, he approached the bank for a withdrawal but was reportedly told that N55 million had already been taken from the account without his consent. Bank officials allegedly claimed the withdrawal was carried out by him at the Uzuakoli Road branch in Umuahia, a claim he rejected, insisting he was out of the country at the time.
Following an internal review, the bank reportedly acknowledged the unauthorized withdrawal and refunded the N55 million.
Despite the refund, Agbai said his concerns deepened when he later requested to close the fixed deposit account, only to be informed that the N550 million principal could not be traced.
The incident has raised fresh questions about accountability and internal controls within the banking system, with growing calls for a comprehensive investigation into the matter.
