FG Sues First Bank Over Forgery Allegations

First Bank of Nigeria (FBN) has been sued by the Federal Government over forgery allegations that involved the financial institution’s branch manager in Utako, Abuja.

The government filed the lawsuit against First Bank following an allegation of forging a tripartite legal mortgage to dispose the proprietor of Whiteplain British School, Francis Chukwumah Nwufor, of his property. 

According to the court filing marked CR/266/2023, the tripartite legal mortgage was made without the consent of Nwufor to swindle him in 2016. 

Five persons, including two lawyers, Muftau Ande and Dibiaezue Chuks, were accused of initiating the tripartite legal mortgage with the intent to commit fraud against Nwufor, 

First Bank and the other defendants were slammed with three count charges, with the first being forgery and criminal conspiracy, which is said to be contrary to sections 96  and 363 of the Penal Code. 

Also, the accused were said to have committed a criminal breach of trust contrary to Section 311 of the Penal Code, the prosecution lawyer, Ndidi Ezinwa-Ukoha, revealed. 

The defendants are liable to be punished under Section 312 of the same law, while the third count was dishonestly to dispose the proprietor of Whiteplain British School of his property. 

The case was adjourned by Justice Jude Onwuegbuzie till 8 May 2023 to enable the Federal Government to serve the First Bank of Nigeria and other accused persons the paper charge.

Meanwhile, First Bank has acquired Access Pension Fund Custodian Limited, the pension subsidiary of its market rival, Access Bank. 

First Bank made the acquisition through its subsidiary, First Pension Custodian Nigeria Limited, as it looks to expand within the pension market in Nigeria. 

“The Transaction has received the full approvals of the relevant regulatory agencies,” First Bank stated. 

The lender purchased the entire equity interest in Access Pension Fund Custodian Limited following Access Bank’s acquisition of First Guarantee Pension Limited, which is also involved in a lawsuit.

Fakoyejo Olalekan

+ posts

• Over N535.37bn Gained By Shareholders In Dangote Sugar, Tantalizer, Others
• Negative Signal: Board Director, Sola David-Borha, Sells Off All Shares In Stanbic IBTC
• NLC To Embark On Warning Strike On Tuesday
• CBN-backed Official Window Record Increase In Dollar Rate, USD Falls In Black Market