CBN First Bank fraud dispute sees Osun man lose N10.5m. CBN absolves bank despite claims it ignored alerts on fraudulent transactions
The CBN First Bank fraud dispute has taken a controversial turn after the Central Bank of Nigeria absolved First Bank of wrongdoing in a case involving 72-year-old Osun resident, Sule Fabiyi, who lost N10.5 million to fraud.
Also read: N10.5 million fixed deposit squandered by First Bank employee in Osun
Fabiyi told FIJ on Monday that he was shocked to receive the CBN’s recommendation, which echoed First Bank’s earlier claim that he had a personal business relationship with the ex-business manager, Abdulwahab Sani Shehu.
“How is that possible? The banker exploited me because I am elderly and now my N10.5 million has disappeared,” Fabiyi said, vowing to keep fighting until his money is returned.
The CBN’s conclusion stated that Shehu acted beyond his official duties and that the bank was not liable. Yet, documents suggest First Bank was alerted to suspicious activities as early as July but failed to act decisively.
The crisis began when Fabiyi discovered that his fixed deposit investment, started in 2019, had been terminated without his consent in 2022.
Shehu, who managed his account, allegedly diverted the funds. Though First Bank later terminated Shehu’s employment, Fabiyi’s N10.5 million was never refunded.
In another twist, lawyers for OLARM Entertainment Global, whose account Shehu allegedly used as a conduit, denied any role in the fraud.
They claimed their client’s account was misused without consent, and they even alerted First Bank about unusual activities on July 14. Their accounts were briefly restricted, further complicating the case.
Also read: First Bank rebrands as FirstHoldCo Plc for a unified global identity
For now, Shehu remains missing, Fabiyi’s funds remain unrecovered, and the CBN’s absolution of First Bank has left the victim questioning the fairness of the investigation.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
