• Business - Banking & Finance
  • Updated: September 30, 2020

How First Bank Staff Defrauded Customers' Accounts Of Over N180m

First Bank staff, Oreoluwa Adesakin, swindled customers of First Bank Nigeria while working with the Western Union Money Transfer and Money Gram platforms department. She used her position in charge of payments to steal about NGN180 million.

It was gathered that Adesakin stole the money in batches of naira and dollars. Adesakin was saddled with the task of processing Western Union Transfer payment of customers during the period she worked at First Bank as a Money Transfer Operator in Ibadan. Adesakin used her access to fraudulently withdraw over NGN49.3 million.

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Adesakin, who no longer works for First Bank, also illegally withdrew $368,203 from accounts of First Bank transactions in 2013. Her fraudulent activities went unnoticed by the bank for about seven months before it was discovered she has been manipulating accounts.

Note that First Bank's Western Union Money Transfer and Money Gram platforms are used by customers to transfer and receive money in naira or dollars - that's how Adesakin had access to the large sum in dollars. Adesakin has since been arrested and sentenced to 98 years in prison.

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

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