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UNDERCOVER REPORT: Business As Usual For Cyber Fraudsters At First Bank Akute, Ogun State



First Bank Plc is no doubt one of the leading financial institutions in Nigeria.

Over the years, the bank has achieved laudable goals and objectives, as its award cabinet is presently overflowing with plaques.

Asides this, the bank has also blazed trails in several grounds including SME with several small and medium scale businesses to show.

The Corporate Social Responsibility (CSR), of the bank is amazing to say the less, as it does give back to the society in several folds.

These achievements have however been tainted in light of recent allegation of aiding and abating frauds, specifically cyber fraud.

Startling is the fact that the banks Corporate Affairs Department seem blind to happenings in some of its branches.

Located at Akute Bustop, Ogun State, the First Bank located in this community falls below expectations in many ramifications, as it is indeed difficult to discern the banking hall from Yaba market.

Littered with young boys and sometimes girls barely educated, First Bank Plc, Akute, Ogun State without doubt is a haven for Cyber Fraudsters popular as Yahoo Boys. If you doubt this, you can confirm for yourself.

On daily basis, group of young boys storm the bank, as they seek to claim their loot from their victims abroad. Shocking is the fact that staff and management of this branch are always eager to attend to these group than the regular man or woman banking with the financial institution.

The consequence is therefore simply, as a long queue almost reaching the floor below is what is seen at every visit to the bank.

During an undercover investigation by several unimaginable developments never expected in a financial institution were uncovered. It is amazing to know that often times these Yahoo Boys fight in the banking hall and get placated by the security personnel supplied by Bemil Security. Asides this, it is a common sight to hear the boys pretending to be foreigners, as they speak with their clients aptly refered to as “MAGA” in the banking hall with little or no regard for who is listening to their conversation.

Shocking is the fact that nothing has been done to correct this unfortunate situation, as the manager of the bank pretends to be oblivious of happening there.

It is astounding that despite all of these abnormalities Police men who are known for arresting Yahoo Boys stay clear of this branch of this First Bank Plc, leaving raised eyebrows, questions and imagination.

Often times, the banking hall of this branch gets so noisy and disorganised that the typical customer becomes frustrated and often times leaves for the nearest branch of the bank which is the “Sabo Branch”.

Speaking in a chat with, a customer who pleaded anonymity asked that something be done to better the situation at the bank. According to him, “most of the boys you see here are Yahoo Boys and the bankers here prefer to attend to them than us. They prefer them to us because they know what they will get in return.”

Another woman who identified herself simply as Aderonke told that “the management of this branch of First Bank Plc can’t turn these boys back because they are customers, but they have to consider the fact that they are breading fraudsters and encouraging fraud in the country. It can really get worse than this she said.”

Shortly after Aderonke spoke with us, another woman nearby revealed that sometimes customers are too scared to complain for fear of abuse.

O his part, Usman Kadiri, an Hausa businessman was quick to add his voice to the issue. “What have you seen sometimes the branch manager come up here and can’t do anything about the situation, it is sad that Yahoo Boys now do business here like its normal transaction, he said.

It is shocking to also note that even the military Police officers attached to the bank even curt these Yahoo Boys, as they tease them to release part of the loot.

In the light of this situation, it is only hoped that the management of First Bank Plc will do something fast about this situation.

-Ahmed Korede

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