LAGOS, Nigeria — Turmoil has hit First Bank of Nigeria Plc as two of its senior managers, Temitope Ogheneteme and Nnedimma Arah, are now facing criminal charges over an alleged ₦1.2 billion forgery scandal that has reverberated across Nigeria’s banking industry.
The accused, who served at the bank’s Dosumu and Balogun branches on Lagos Island, are charged with allegedly forging a letter of undertaking from Freshborn Industries Limited, dated 12 August 2022. The document was purportedly falsified to facilitate a high-value transaction and was presented as authentic, according to charges filed by the State Criminal Investigation Department (SCID) of the Lagos State Police Command at the Federal High Court, Lagos. The alleged misconduct is said to have occurred between January 2023 and January 2024, raising concerns about internal controls and oversight within one of Nigeria’s oldest financial institutions.
Brandspur Banking News Desk reports that the case, filed under Charge No. FHC/L/582C/2025, has experienced multiple procedural delays. The Office of the Director of Public Prosecutions (DPP) intervened, requesting that the file be sent to the Attorney-General of the Federation (AGF) for review before the court could proceed, leading to a rescheduled arraignment set for 11 March 2026. Legal experts suggest the involvement of the DPP underscores the high-profile nature and sensitivity of prosecuting senior banking officials.
In its defence, First Bank argued to the DPP that the alleged forgery is tied to an ongoing civil commercial dispute. The bank maintains that criminalising what it describes as a contractual disagreement risks misuse of the criminal justice system. First Bank also highlighted potential reputational damage from prosecuting senior managers amid heightened scrutiny of governance in Nigeria’s banking sector.
Industry analysts warn that the scandal exposes vulnerabilities in risk management and internal compliance, especially regarding large corporate accounts and foreign exchange transactions. Should the charges hold, the case could prompt broader reforms in governance standards across the Nigerian banking sector.
As Ogheneteme and Arah await their rescheduled arraignment, the banking public is closely watching developments. With the DPP and AGF now involved, the coming weeks may determine whether this case becomes a landmark prosecution of senior bank officials or remains a civil commercial matter. The incident highlights the delicate balance between corporate governance, criminal accountability, and civil litigation in Nigeria’s financial system.
