Imagine entrusting your life savings to a trusted institution, only to have it vanish due to the actions of a rogue employee. This is the heartbreaking reality for Sule Fabiyi, a septuagenarian from Osogbo, Osun State, who is still awaiting a N10.5 million refund from First Bank of Nigeria.
Fabiyi, in a recent interview, expressed his frustration over the bank's failure to reimburse him for the funds he invested in a fixed deposit account back in 2019. The money, meant to secure his financial future, was instead misappropriated and stolen in 2022 by Abdulwahab Sani Shehu, a business banker at First Bank. Despite the bank's knowledge of the situation, Fabiyi's account remains empty, and his pleas for justice have fallen on deaf ears.
But here's where it gets even more troubling: Fabiyi claims that First Bank has not only refused to refund his money but has also stopped responding to his communications altogether. “Is it fair that a sum I entrusted to them since September 2019 is still missing?” he asks, his voice laced with disappointment. This raises a critical question: Should banks be held more accountable when their employees defraud customers?
And this is the part most people miss: Under common law, banks are vicariously liable for the actions of their employees while on duty. Yet, First Bank has yet to take responsibility for Shehu's actions, despite terminating his employment. This leaves Fabiyi in a precarious position, fighting for his hard-earned savings without the institution's support.
The saga began in July 2022 when Fabiyi received an unexpected N500,000 transfer from Shehu's personal account. Concerned, he visited the bank's Osogbo branch, only to discover that Shehu had terminated his fixed deposit investment without consent and diverted the N10.5 million into an unknown scheme. First Bank, while swift to dismiss Shehu, has been slow to address the financial loss suffered by Fabiyi.
Controversially, some might argue that Fabiyi should have been more vigilant in monitoring his investment. But does this absolve the bank of its duty to safeguard customer funds? This case highlights a broader issue: the power imbalance between customers and financial institutions. When banks fail to act, who is left to protect the vulnerable?
As of now, Shehu remains at large, and First Bank has yet to respond to inquiries from FIJ regarding this matter. Fabiyi's story serves as a stark reminder of the importance of transparency and accountability in banking. What do you think? Should First Bank be compelled to refund Fabiyi's money, or is there more to this story than meets the eye? Share your thoughts in the comments below.
