By Erewunmi Peace

A 72-year-old resident of Osogbo, Osun State, Sule Fabiyi, has accused a former First Bank employee, Abdulwahab Sani Shehu, of mismanaging his ₦10.5 million fixed deposit investment.

Fabiyi revealed that he opened the fixed deposit on September 10, 2019, through Shehu, who was then serving as a business banker at First Bank’s Osogbo branch.

According to Fabiyi, he discovered in July 2025 that the fixed deposit had been terminated as far back as 2022, without his knowledge or consent. Despite this, interest payments continued until January 2025, while the principal sum was never refunded.

Speaking to journalists, Fabiyi explained that repeated visits to the bank yielded no concrete response. He has since petitioned the bank through his lawyers, demanding the return of his funds.

Reports indicate that Shehu’s appointment with First Bank has been terminated, although the bank has yet to officially confirm this development or make an official statement on the matter.

The case underscores growing concerns over customer fund security in Nigerian banks, particularly regarding fixed deposits and internal controls.

Fabiyi has vowed to pursue the matter legally until justice is served.