FirstBank Refutes Fraud Allegations, Challenges Court Ruling on Cargo Dispute

Bank Denies Fraud Claims, Exposes Unethical Dealings, and Files Legal Appeal

FirstBank has strongly denied allegations of fraud made by Dr. Agbai Eke, dismissing them as “entirely unfounded and false.” The bank revealed that internal investigations uncovered unprofessional and unethical dealings between Dr. Eke and a former FirstBank employee. According to the bank, these dealings involved a personal relationship used to facilitate unauthorized transactions outside the bank’s knowledge or control.

Meanwhile, in a separate legal battle, FirstBank has filed an appeal and injunction following a controversial ruling by the Federal High Court. The court unexpectedly classified the bank’s claim not as a maritime case but as a debt recovery matter, despite FirstBank’s position that the claim was intended to prevent further fraudulent sale of crude on the FPSO vessel.

In a statement issued by Olayinka Ijabiyi, Acting Group Head, Marketing & Corporate Communications, FirstBank expressed shock over the court’s decision that the Arrest Order on the crude cargo had expired after 14 days due to its ex parte nature. In response, the bank has lodged an appeal and secured an injunction against GHL, ensuring that the crude oil cargo on FPSO TAMARA TOKONI remains under arrest pending the outcome of the legal proceedings.

FirstBank reiterated its deep respect for the judiciary but strongly disagrees with the ruling, describing it as a “miscarriage of justice.” The bank affirmed its commitment to protecting its stakeholders’ interests and vowed to continue pursuing legal action against mischievous debtors attempting to manipulate the legal system to evade financial responsibilities.

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