First Bank investment fraud leaves Osogbo investor seeking N10.5 million refund after alleged mismanagement by former banker

First Bank investment fraud has left Sule Fabiyi, a 72-year-old Osogbo resident, struggling for his rightful N10.5 million.

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Fabiyi narrated how Abdulwahab Sani Shehu, a former business banker, terminated his fixed deposit investment without his knowledge and mismanaged the funds.

Fabiyi, who opened the investment in September 2019, said everything initially went smoothly, with interest payments received regularly and reinvested at maturity.

The situation changed dramatically in July when Fabiyi received a suspicious N500,000 transfer from Shehu’s personal account.

Alarmed, he visited the Osogbo branch, where he learned that his investment had actually been terminated in 2022, yet interest was credited until January 2025.

“This meant that Shehu had diverted my N10.5 million into some unknown activity,” Fabiyi told FIJ. “I am 72, and I depend on my money to survive.

My lawyers have sent many letters to First Bank, but they have not explained how they will refund me.”

Fabiyi also refuted claims that he had any personal relationship with Shehu, stressing that Shehu was only his account manager. First Bank has reportedly terminated Shehu’s appointment, but the refund issue remains unresolved.

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FIJ reached out to First Bank for a comment, but no response had been received by press time. Fabiyi’s story underscores the risks of investment mismanagement, even within major banks.