FRAUD:House to probe Fidelity Bank over $250,000 forex deal

ABUJA:

The House of Representatives yesterday mandated its Committee
on Public Petitions to investigate the management of Fidelity
Bank Plc over allegations that some top officials of the bank
swindled a businessman who was lured by them to procure
foreign exchange to the tune of $250,000 United States Dollars.


The investigation came on the heels of a petition submitted to
the lower chamber of the parliament by Hon. Gabriel Onyenweife
( APGA/ Anambra) on behalf of one of his constituents, Mr Amobi
Akaegbobi, an entrepreneur and customer to the bank.

In the petition authored by his counsel, Austin Nwabufo Esq,
Akaegbobi, three officials of Fidelity Bank ( names withheld)
persuaded him to purchase Fireign exchange through the Victoria
Garden City branch of the bank. According to the petitioner,
tranche of the foreign exchange transaction for the purchase of
$50,000 was successfully done but two subsequent transactions
worth N40.15 million made in lieu of procuring $250,000 has
been trapped in the vaults of the bank since May , 2014.

"It is further our briefing that after these payments , these bank
officers never returned any dollar equivalents to our clients but
surprisingly tendered their resignation letters to Fidelity Bank Plc
while the bank cosmetically arrested their head of operations and
kept him in a small police post in Victoria Island, Lagos."

The petitioner alleged that the handling of the case by the bank
was an attempt to cover up a financial crime as the bank failed
to address the demands of the customer for a refund of the
monies paid in lieu of procuring foreign exchange at the bank.

The legal firm has therefore requested the House of
Representatives to investigate the natter and ensure that it's client
was fully compensated and his money refunded. It has also
requested the to direct the Central Bank of Nigeria ( CBN) to
assist in the recovery of the N40.15 million and call the
management of Fidelity Bank to order.