First Bank manager granted ₦5m bail in alleged FX document fraud case

By Ezurike Ugochukwu 

A senior manager of First Bank of Nigeria Limited, Nnedimma Arah, has been granted bail in the sum of ₦5 million following her arraignment before the Federal High Court in Lagos over an alleged foreign exchange (FX) document forgery.

Arah was docked on Monday by police detectives from the State Criminal Investigation Department (SCID), Panti, after an amended charge was filed based on legal advice from the Office of the Director of Public Prosecutions (DPP) of the Federation.

She is facing a one-count charge bordering on the alleged forgery of a letter of undertaking purportedly issued by Freshborn Industries Limited to cover foreign exchange differentials. The prosecution alleged that the document, dated August 12, 2022, was falsified and presented as genuine between January 2023 and January 2024, with intent to prejudice the company and its representatives, Anene Ikenna and Anene Chinyere Angela.

The charge was brought under Section 1(2)(c) of the Miscellaneous Offences Act. Arah pleaded not guilty.

Following her plea, defence counsel applied for bail, noting that the defendant had earlier been granted administrative bail and had consistently attended proceedings. Justice Daniel Osiagor granted bail in the sum of ₦5 million, with one surety in like sum.

Earlier in the proceedings, prosecuting counsel, Emmanuel Eze, informed the court of an application to strike out the name of the co-defendant, Temitope Ogheneteme, in line with the DPP’s recommendation. The court granted the application, leaving Arah as the sole defendant in the case.

The matter had experienced delays for over a year after First Bank petitioned the Attorney-General of the Federation, prompting the DPP to review the case file in January 2026 in accordance with the Administration of Criminal Justice Act.

The bank had argued that the issue 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 the Lagos State High Court, warning that criminal prosecution could amount to an abuse of judicial process.

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