A 72-year-old man, Sule Fabiyi, has accused a former staff member of First Bank of Nigeria, Abdulwahab Sani Shehu, of unlawfully terminating his ₦10.5 million fixed deposit investment and diverting the funds.
Fabiyi, who lives in Osogbo, Osun State, told FIJ that the investment was opened on September 10, 2019, at the bank’s Osogbo branch, where Shehu had managed his account as a business banker.
“I Kept Reinvesting My ₦10.5m”
According to Fabiyi, the fixed deposit ran smoothly for years, and he consistently rolled over the ₦10.5m each time it matured. He also confirmed that he received interest payments as due and had no concerns until mid-2023.
“Everything was fine, and I always reinvested the ₦10.5 million. I never had a reason to worry,” he said.
Suspicious Transfer Sparks Concern
Fabiyi said trouble began in July 2023 when he unexpectedly received ₦500,000 from Shehu’s personal account.
“At first, I could not place who he was, but later I realized he was the bank manager who had once handled my account,” he explained. “That was when I knew something was wrong, because my investment returns had always come directly from First Bank, not from an individual.”
Investment Terminated Without Consent
Fabiyi said he immediately visited the Osogbo branch, where the current manager checked the account records. To his shock, he was informed that Shehu had terminated his investment since 2022.
“Yet I still received interest from the bank until January 2025,” he said. “This means Shehu must have diverted my funds into something I don’t know about.”
He added that despite repeated letters from his lawyers, First Bank has not refunded his money.
Bank Silent on Refund
Fabiyi said the bank claimed he had a “personal relationship” with Shehu—an allegation he strongly denied.
“Shehu was simply the business manager of my account, nothing more. I need First Bank to return my ₦10.5 million. I am an old man and I depend on my money to survive,” he said.
FIJ reached out to First Bank’s customer service unit for a response on Friday, but there was no reply as of press time.
