Nigeria’s oldest financial institution, First Bank of Nigeria Limited is currently in a financial mess.

We can authoritatively reveal that N11.4b has been recently wired away from depositors account by what seems like an internal conspiracy among branch manager of Murtala Mohammed Way, Benin City Mr. Solomon Obode, some ICT heads in the Bank’s Head quarters in Lagos.

Others who lost their jobs as a result of the massive fraud are Mrs Okao who was the former branch manager of MM branch and now branch manager of Mission Road Branch of First Bank in Benin City, Emmanuel Akpaka, a marketer with MM way branch.

Information exclusively obtained revealed that the relationship officer in charge of the fraud account has absconded with his family members with a total of $2m no sooner the fraud was perpetrated.

Others who were dismissed are Business Development Management, Benin 2 who functioned as the Area Manager.

Information at our disposal reveals that the fraud may have been agreed on and executed with the collaboration of those at the helm of ICT department in their Headquarters. It followed what looked like a hack on the bank’s payment channel.

“It was well planned and executed. The MM way branch was the platform that was used to execute it. It is possible that it was well planned and executed as the payment channel was erased immediately after the money was wired, indicating a conscious collaboration”.

Meanwhile, the bank echelons are making frantic efforts at covering the fraud since it might spell doom on them and further erode customers and shareholders confidence. The source claimed that there have been in the recent past silent diversions and fraud which comes like writing off loans running into billions of naira, especially from those who have a relationship with the top management of the bank and silent shareholders who use proxies.

“This is just one of the frauds silently rocking the bank. Each time it happens, there seems what could be termed a conspiracy of silence and that could have what stirs the new fraud”.

First Fraud