First Bank Addresses Alleged N7 Billion Fraud Incident

• Recent allegations of fraud against First Bank of Nigeria Limited have been refuted by the financial institution
• By providing over 13 million cards to customers, the bank further demonstrated its dominance in the nation
• According to FirstBank, it is dedicated to delivering on its brand promise of offering the gold standard of excellence and value

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

First Bank of Nigeria Limited has denied recent claims of fraud against the organization, calling them unfounded and devoid of proof.

This followed a report of an alleged N7 billion fraud incident citing an unnamed individual with purported knowledge of the matter.

The bank asked the public to completely ignore the assertions in a statement signed by Olayinka Ijabiyi, Acting Group Head, marketing and corporate communications.

“For over 130 years, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position,” the statement read.

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The bank also emphasized its leadership position in the country's digital payment ecosystem by issuing more than 13 million cards to consumers.

Founded in 1894, First Bank of Nigeria Limited is a major player in Africa, Europe, and Asia, with subsidiaries in the Democratic Republic of the Congo, Ghana, The Gambia, Guinea, and Sierra Leone, among other nations.

In order to facilitate commercial flows into Nigeria and other African nations from Asia and Europe, it also keeps a representative office in Beijing, China.

FirstBank serves more than 42 million customer accounts, including digital wallets, through more than 820 corporate offices and more than 243,400 agent locations throughout 772 of Nigeria's 774 local government areas, according to the statement.

With a strategic goal to deliver customer-led innovation and a mission to deliver the best financial services possible, FirstBank is committed to fulfilling its brand promise of providing the "gold standard" of value and excellence, putting its customers first in every way, the lender said.

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FirstBank remains committed to its reputation as a trustworthy and customer-focused financial organization that promotes innovation and economic progress, even in the face of the fraud accusations.

First Bank holdings proposes new name

Legit.ng reported that FBN Holdings Plc has announced plans to change its legal and brand name to First HoldCo Plc.

In a notification signed by Adewale Arogundade, the acting secretary for the company, the bank made this announcement.

The name change is one of several significant issues that the bank's shareholders will discuss during the AGM, according to the New Telegraph.

Source: Legit.ng