First Bank of Nigeria has strongly dismissed recent allegations of a N7 billion fraud, calling the claims “entirely unfounded” and without any factual basis.
The allegations were first reported by Tech Cabal, an online news platform, which cited an anonymous source claiming direct knowledge of the incident.
According to Tech Cabal, the unnamed individual was joined by three others who also chose to remain anonymous due to the sensitive nature of the allegations.
In response, First Bank issued a statement refuting the accusations, emphasizing that there was no truth to the fraud claims.
The statement was signed by Olayinka Ijabiyi, the Acting Group Head of Marketing and Corporate Communications for First Bank.
“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution,” the statement began.
The bank’s statement continued, “We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence.”
First Bank reassured its customers and the general public that there had been no breach in its security systems.
The statement highlighted the bank’s commitment to operational integrity, stressing that customer trust remained a top priority.
“The security of our customers’ accounts is of utmost importance to us,” the statement read.
First Bank emphasized that there had been no compromise to any customer accounts or personal information.
“We have strong security measures in place to protect our customers,” the bank noted in the statement.
The bank’s swift rejection of the fraud claims aims to calm any public concern over the matter.
First Bank’s reputation in the Nigerian banking sector has been built on decades of trust, and it remains one of the country’s leading financial institutions.
The bank also reassured stakeholders, including investors and regulatory authorities, that its operations remain secure and transparent.
Despite the strong rebuttal, the allegations have sparked public debate and scrutiny about the security practices of Nigerian banks.
The claims were made at a time when fraud and cybercrime incidents in the Nigerian banking sector have been a growing concern for both banks and customers alike..
In recent years, Nigerian banks have invested heavily in improving their digital security and fraud prevention systems to combat rising cyber threats.
First Bank’s response is seen as part of its effort to protect its reputation and maintain customer confidence in an increasingly competitive financial market.
Although the fraud claims have not been substantiated, some financial analysts are urging banks to continue prioritizing security as part of their customer service strategy.
For now, First Bank appears determined to put the allegations behind it, reaffirming its position as a leader in the Nigerian banking industry.
As the situation unfolds, the bank has vowed to remain transparent and vigilant in addressing any future concerns related to fraud or security breaches.
“We remain fully committed to safeguarding the trust of our customers and will continue to uphold the highest standards of security and service,” the bank concluded.
