First Bank Nigeria Limited has denied report by a media platform (not Daily Independent) of an incident of fraud linked to an employee of the financial institution.
In a statement issued by the bank’s Acting Group Head, Marketing & Corporate Communications, Olayinka Ijabiyi, and made available to Daily Independent, it reads: “We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence.”
The online media platform reported that the Nigeria’s oldest bank was hit by a massive fraud incident that led to the theft of ₦7 billion from customer accounts by unknown persons.
According to the report the scope and complexity of the fraud incident highlight the increasingly sophisticated nature of fraud in Nigeria’s financial services sector, stating that Nigerian banks lost ₦43 billion to fraud in Q2 2024.
According to Tech Cabal, the fraud incident at First Bank began several months ago and involved the unauthorised diversion of funds from several customer accounts.
However, the statement by First Bank described the media report as misleading information.
For over 130 years, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria).
The statement further highlighted the feats accomplished by the bank in Nigeria and beyond.
With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 243,400 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.
Reiterating the bank’s commitment to offer best and seamless services to its teeming customers, the statement added: “Our vision is “To be Africa’s Bank of first choice” and our mission is “To remain true to our name by providing the best financial services possible”.
“This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is “to deliver accelerated growth in profitability through customer-led innovation and disciplined execution” and our brand promise is always to deliver the ultimate “gold standard” of value and excellence to position You First in every respect.”
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