₦airaland Forum

Sule Fabiyi, a septuagenarian residing in Osogbo, Osun State, has narrated how banker Abdulwahab Sani Shehu terminated a N10.5 million fixed deposit investment he once had with First Bank and subsequently mismanaged the sum.

While speaking with FIJ on Friday, Fabiyi said Shehu used to be the financial institution’s business banker who had been managing his account at its Osogbo branch since September 2019.

“On September 10, 2019, I decided to have a fixed deposit investment with First Bank of Nigeria at its Osogbo branch,” said Fabiyi.

“The amount I earmarked for the investment was N10.5 million.

“After this, the investment went on for years and I received interest on it whenever it was due.

“Everything went according to plan and, at the time, I had nothing to worry about.

“As a matter of fact, I always reinvested the N10.5 million anytime the investment reached its maturity stage.”

Fabiyi went on to tell FIJ how things took a devastating turn with the N10.5 million investment he had with the bank in July.

“On July 7, however, I shockingly received a N500,000 fund transfer from a personal account belonging to one Abdulwahab Sanni Shehu,” said Fabiyi.

“I immediately could not remember who the Shehu was, but after a while, I figured he was the First Bank business manager who once managed my account at its Osogbo branch.

“I knew something was not right as I had always received notifications of returns on my investment directly from the bank, and not from any individual.

“With this in mind, I immediately visited the bank’s branch in Osogbo to find out what was going on with my investment.

“It was while I was at the Osogbo branch that the branch manager conducted a search to ascertain the status of my investment.

“In the end, it was made known to me that Shehu had in fact terminated my investment since 2022.

“Yet, I received interest on the investment from First Bank till January 2025.

“This meant that Shehu had terminated my investment since 2022 and had diverted my N10.5 million into some sort of investment or activity I had no knowledge of.

“As we speak, First Bank has not refunded my N10.5 million to me. I also hear the bank has since terminated Shehu’s appointment. That is, however, not my business.

“I am a 72-year-old man, and I depend on my money to survive.

“My lawyers have sent many letters to First Bank on the matter, but the financial institution has not said anything about how it would refund my money. They even made an unfounded claim that I had a personal relationship with Shehu, but that’s a blatant lie.

“He was the business manager of my account and that was all.

“I need First Bank to give me my N10.5 million back.”

On Friday, FIJ sent an email to First Bank’s customer care unit for a reaction to Fabiyi’s claim, but it had not been responded to at press time.

Gistsnaijamedia:
Sule Fabiyi, a septuagenarian residing in Osogbo, Osun State, has narrated how banker Abdulwahab Sani Shehu terminated a N10.5 million fixed deposit investment he once had with First Bank and subsequently mismanaged the sum.

While speaking with FIJ on Friday, Fabiyi said Shehu used to be the financial institution’s business banker who had been managing his account at its Osogbo branch since September 2019.

LethalSam:
What is really going on? How a supposedly worldclass banking institution does not have safeguards in anticipation of such fraudulent behavior is what baffles me, honestly.

ezekins:
If you gave power of attorney to the banker and he relied on that to defraud you, the bank might not do much. You said it was terminated in 2022. Who signed the termination letter? Note that the bank said you had personal relationships with him. The bank could not had said that without evidence at its disposal. If you contracted the banker to be running your account for you that might personal relationships with the banker. If you decide to go to court, what will happen is for the court to ask the bank to tender evidences that you had personal relationship with the banker.

damosade:
My forensic view, One thing I know and very sure of, The customer knows his fund was not fixed in the bank after some were fixed in the bank. Subsequent rollover was not done which the customer is aware of. The guy in question has been using the fund for personal business and has been given baba little high interest more than what fd could give. When everything scattered and the money couldn't be accounted for again, baba excalated to the bank for possible reimbursement but the funds could not be traced because baba transferred the funds directly to the guy account. Next life baba should be very careful in trusting anyone working in the bank.
So bank doesn't have any documents that could prove an insider fraud which can be used against them in the Court. If bank knows they are at fault, the account of the customer would have been regularise without any excalation.

meobizy:
An eight-year prison sentence will bring him to his senses. These bankers don’t believe hard work is crucial to make money. Sha, I don’t blame them. The average Nigerian becomes an overlord from power, real or imagined.

ezekins:
If you gave power of attorney to the banker and he relied on that to defraud you, the bank might not do much. You said it was terminated in 2022. Who signed the termination letter? Note that the bank said you had personal relationships with him. The bank could not had said that without evidence at its disposal. If you contracted the banker to be running your account for you that might personal relationships with the banker. If you decide to go to court, what will happen is for the court to ask the bank to tender evidences that you had personal relationship with the banker.

Rindo69:
Pray not to have any issues with the money in your account. Nigerian banks DO NOT have your interest in mind!

How can a bank say a customer had a personal relationship with his account officer and therefore has the right to have his money stolen!

Is there a withdrawal instruction or a cheque from the customer to the bank? If none then the bank is 100% liable for the money! You cannot use mouth to tell an account officer to move funds; it is not possible!

First bank no try on this one

ernieboy:
and u reached all these assumptions based on your investigations? If u know the kinds of fraudulent activities going on within our banks especially with dormant accounts u go surprise. Most Nigeria. Bankers are just like fraudsters.

Gistsnaijamedia:
https://fij.ng/article/first-bank-employee-diverts-squanders-osun-septuagenarians-n10-5m-fixed-deposit/