A 72-year-old retiree, Sule Fabiyi, has accused First Bank of Nigeria Plc of improperly handling his ₦10.5 million fixed deposit, alleging unauthorised actions by officials at the bank’s Osogbo branch in Osun State and demanding ₦7.5 million in compensation.
Fabiyi, who said he invested the funds in 2024, claimed the fixed deposit was placed with clear assurances on safety, tenure and returns. According to him, he later discovered that the investment had been prematurely terminated and redirected without his approval, leaving him financially exposed and distressed.
Brandspur Banking News Desk gathered that the retiree accused a senior business banker at the branch of unilaterally managing the deposit and failing to provide a clear transaction history when concerns were raised. Fabiyi said repeated visits and formal complaints to the bank yielded delays and explanations he described as unsatisfactory.
He further alleged that the bank’s internal complaint-handling process dragged on for months, forcing him to escalate the matter publicly. The retiree said the funds were critical to his personal welfare, adding that the uncertainty surrounding the deposit had taken an emotional toll given his age and dependence on the money.
Fabiyi is demanding the full recovery of the ₦10.5 million deposit, alongside ₦7.5 million in compensation, which he said reflects financial losses, prolonged inconvenience and emotional distress allegedly caused by the bank’s actions.
As of the time of filing this report, First Bank had not released an official public statement addressing the allegations. It also remained unclear whether any internal investigation or disciplinary action had been initiated against the staff member mentioned in the complaint.
The dispute has renewed scrutiny on customer protection, internal controls and staff oversight within Nigeria’s banking sector. First Bank, in previous public positions, has maintained that it operates strict compliance and risk-management frameworks and that any proven staff misconduct is handled in line with regulatory requirements.
Fabiyi, however, insisted that he would continue to pursue the matter until what he described as fair resolution and accountability are achieved.
