FIBANK IN FRAUD: Conspiracy to deprive Customers

The First International Bank established in Sierra Leone some years back, with Nigerian origin and flavored by Sierra Leoneans is reportedly sandwiched by a very serious financial scandal. It has become fashionable and a way of operation by the First International Bank to be in financial crisis with its customers. If it is not about defrauding its customers, it could be news about Auditors discovering financial malpractices in the bank.

Every year since its establishment, there have always been unpalatable stories about the bank. Bank officials are regarded as dishonest by many of its customers, which has resulted into low clientele base of the bank. Stories about the bank have left the public with open mouth and fears, thus forcing some of the high profile customers to move their accounts to other serious and credible financial institutions in the country.
Yesterday, senior officials of the bank refused to comment when reporters from this medium approached them for explanation relating to a huge financial fraud that has caused a good number of prominent customers to take their exit from the bank. Mr. Raymond Uche, Deputy Managing Director of the bank dodged the reporters and referred them to Mr. Steven, one of the Managers. He too dodged and said it was the responsibility of Mr. Raymond Uche to explain to them since by hierarchy he is senior than him. From 11:43 am to 2.03 Pm, no member of Staff was able to explain to the reporters. Again, the reporters patiently went there around 3:15pm hoping that a senior staff member would accommodate them and respond to questions. Up to 4:08pm, there was no response from the bank and they left.
Probably what is left of the bank is what these officials are trying to maintain by keeping seal lips on the allegation of fraud that has caused the exodus of high profile customers of the bank. Certainly, keeping seal lips has never been a solution so the alternative approach used is not a workable tool to continue plunging the public into darkness. About 39 high profile customers whose accounts have been pilfered under the guise of “COT” have moved to the sister banks of the First International Bank. These customers transferred foreign currencies to their suppliers overseas and paid for the transaction in the months of December 2016 and January 2017. The bank claimed that it went into a loss for failing to make the required and possible deductions following the transfers and was conscious that there had been a failure on the part of the bank to effect the necessary actions. In the month of April without communicating to the customers the bank commenced deductions that amounted to billions of Leones. The customers became aware of what they referred to as pilfering of their accounts and raised an alarm.
Among the customers, are Mackie Building Materials, Orange (SL) Ltd, Ezudeen Jalloh Enterprise, Dish Investment, Nweduz Business Enterprises, Milla Group (SL) Ltd, Energy Efficient Solutions, Welfare Pharmacy, Samabureh Enterprise, General Importing Trading and Export, Kings Production (SL) Limited, Guangjin International Investment, AL-Hamd Enterprise, A.K.Sesay Enterprise, Surgeh and Sons Enterprise, Ezudeen Jalloh Enterprise, Randy International Co.Ltd, Samabureh Enterprise, Randlyn Petroleum (SL) Ltd, Able God Electricals, Guang Dong Trading Enterprise, Mackie Building Materials Ltd, Herma Investment (SL) Ltd, Vitec Enterprises, Randlyn Petroleum (SL) Limited, Kings Production (SL) Limited, Capitol Foods Limited, Orange (SL) Ltd, Welfare Pharmacy, Ishwari and Sons, Dish Investment, Raju’s Electricals(SL) Ltd, NP (SL) Ltd, Randy International Co.Ltd, Brass Street Bakery International, General Importing Trading and Export and Polly Enterprises. Some of these operate more than one account and transfers from these accounts are done either with both or one. So the appearance of their names more than once does not mean it’s a mistake, but to show the number of accounts and from account of the account money was siphoned by the bank under the guise of COT. (Read in our subsequent edition, names and amounts defrauded from the various customer’s accounts).

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