First Bank Manager Arraigned Over ‘$400,000 Fx Forgery

First Bank of Nigeria Limited is in the news for the wrong reason as a senior manager with the bank, Nnedimma Arah, has been arraigned before the Federal High Court, Lagos, over an alleged foreign exchange (FX)-related forgery.

Arah, an Associate Chartered Accountant and branch manager of the bank’s Dosunmu office on Lagos Island, was docked yesterday by police detectives from the State Criminal Investigation Department (SCID), Panti-Yaba, on a one-count amended charge bordering on forgery.

At the proceedings, the prosecution, led by Barrister Emmanuel Eze, informed the court of a Motion on Notice seeking to strike out the name of the initial co-defendant, Temitope Ogheneteme, following legal advice from the Office of the Director of Public Prosecutions (DPP). The application was granted by the trial judge, Daniel Osiagor, effectively leaving Arah as the sole defendant in Charge No. FHC/L/582C/2025.

According to the amended charge dated March 30, 2026, Arah is accused of forging a letter of undertaking purportedly issued by Freshborn Industries Limited to cover foreign exchange differentials.

The alleged offence was reportedly committed between January 2023 and January 2024 at the bank’s Dosunmu branch.

The prosecution alleged that the document, dated August 12, 2022, was falsified with intent to present it as genuine, to the detriment of Freshborn Industries Nigeria Limited and its representatives, Anene Ikenna and Anene Chinyere Angela. The offence is punishable under Section 1(2)(c) of the Miscellaneous Offences Act.

Arah, however, pleaded not guilty to the charge.

Following her plea, her counsel moved an application for bail, urging the court to admit her on liberal terms. Justice Osiagor granted bail in the sum of N5 million with one surety in like sum, noting that the defendant had previously been on administrative bail and had consistently attended proceedings.

The case had earlier been stalled after the DPP intervened and requested the case file for review, in line with the Administration of Criminal Justice Act, following a petition by First Bank.

In its petition to the Attorney-General of the Federation, the bank maintained that the matter stemmed from a commercial dispute involving a $400,000 credit facility granted to Freshborn Industries Limited, which is already the subject of a pending civil suit before a Lagos State High Court. It argued that the criminal proceedings amounted to an abuse of court process.

Justice Osiagor adjourned the matter to July 14 and 15, 2026, for the commencement of trial.