First Bank Denies Forgery Allegation in Face of Legal Battle with Loan Defaulter

First Bank of Nigeria Limited has issued a denial against the forgery allegation made by Francis Chukwumah Nwufor, the owner of Whiteplains British School.

In the lawsuit marked CR/266/2023, the federal ministry of justice had accused the bank of forging a “tripartite legal mortgage without the consent of Mr Francis Chukwumah Nwufor, with intent to commit fraud.”

In an official statement, First Bank described the accusation as a spurious allegation made by a delinquent debtor, which is aimed at tainting the bank’s loan recovery efforts and legal enforcement of its security collateral interest in line with the terms of the loan.

The bank emphasized that it operates by the highest standards of ethical conduct and will under no circumstances involve itself in any act of illegality. It further assured its numerous customers, stakeholders, and the general public that it remains focused on its mission of providing the best financial services.

The case has been adjourned until May 8th, as the prosecution lawyer stated that all the defendants had yet to be served with the charge.

It is common for loan defaulters to resort to legal battles with banks and this case is no different. However, it is important for both parties to ensure that the matter is handled in a transparent and legal manner.

First Bank’s denial of the allegation is a clear indication that it is standing firm against any attempt by recalcitrant debtors to fritter away depositors’ funds under its custody. The bank’s focus on its mission of providing the best financial services to its numerous customers is commendable and should be the guiding principle for all financial institutions.