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CAUGHT ON DOCUMENT AS FIBANK ROBS 39 CUSTOMERS

The establishment of the First International Bank in Sierra Leone and other parts of West Africa cannot be complete without mentioning the name of its founder and owner, Governor Orgi Uzor Kalu who sometime back was indicted by the Nigerian Economic Crimes Commission on 10 counts of Corruption, Money Laundering and Diversion of Public Funds to the tune of 5 Billion Naira in the equivalence of US$31 Million.

Orgi Uzor Kalu was the Governor of Ibia State in Nigeria and with a track record that is replete with corrupt activities, Governor Orgi Uzor Kalu may have taught his managers and executive officers how to manipulate the books to make unimaginable profits at the detriment of the innocent depositors. In Sierra Leone, the FIBank is a notorious financial institution in frauds and fraudulent financial activities that many depositors have perceived it as an institution that specializes in fraud and daylight robberies. It is not a secret that the establishment takes after its founder and owner and is not sparing even the weakest depositor.
The opening of several branches of the FIBank in the country has become more suspicious than what the ordinary depositor would imagine to be hard work. In Liberia and Nigeria, accusation of Money Laundering and other illegal activities have cushion the operation of the bank, which has made it an exemption, but because of weak and accommodating leadership in countries that FIBank operates, the bank continues to enjoy the weakness of the political leadership of the countries its operates.
Last week, the standard newspaper published names of depositors that the FIBank had recently defrauded and how these depositors are angry and not comfortable with the illegal action of the bank. It is not known whether an official report of this illegal activity has been forwarded to the Central Bank, the regulator of Commercial Banks in the country or the Customers, considering the ineffective performance of the Central Bank decided to accept their fate. But notwithstanding, the situation at the bank continues to deteriorate as the victims of the bank whose accounts have been plundered have no way of recovering monies siphoned from their accounts. In addition, news of braggadocio statements from the Managing Director of the bank have paralyzed them further “Nothing would come out of the action of the bank in robbing the customers of billions of Leones” the Managing Director was quoted to have said.
About 39 customers are licking their wounds when they realized that huge chunk of money had been siphoned from their accounts under the pretext of COT, which had earlier on been fulfilled at the time the transfers were made overseas to their suppliers. Standard times, after the publication learnt that the bank is about to issue out a press release aimed at dismissing the publication and further describing it as incorrect and a ploy to tarnish the reputation of the bank. It sounds incredible and ridiculous to learn that the FIbank is talking about reputation and credibility when its activities have remained unpalatable and disgusting in the banking industry in the country. The press release, up to the time of going to print has not been received. It is undoubtedly true that the FIBank is one financial institution in the country that is struggling with credibility. Most business institutions have found it extremely difficult doing business with the bank and the handful of customer base that it is managing is now complaining of fraud and daylight robbery of their deposits with the institution.
The 39 Customers that the bank has robbed have reasonably good accounts with the bank, but after the discovery of the fraud some of them have moved to other banks without any notice, the same way the bank siphoned monies from their accounts without communicating with them. No correspondence was sent, or notification forwarded to any of the victim of the bank fraud. They became aware of the fraud when they checked their accounts and discovered the illegal trace of the bank and when enquired, they were informed that in the months of December 2016 and January 2017, the bank miscalculated in the transfer fees deducted and went into loss, therefore the bank has remedied the loss by making further deductions from their accounts.
For the past weeks standard times has learnt, officials of the bank and the affected customers are trying to see how they can reach a compromise, but the customers are not happy for paying a price that was not their making or creation.
In this edition, names of the affected customers and the amounts deducted are published. Some of the customers according to inside sources, supported by documentary evidence operate more than one account and both accounts with the banks suffered. Calculations of the illegal deduction runs into billions of Leones and the amount would not be refunded by the bank anymore

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