(DDM) A fresh wave of controversy has erupted in Nigeria’s banking sector as First Bank of Nigeria Limited has filed a lawsuit against prominent human rights lawyer, Barrister Mike Igini, over petitions he submitted to the Economic and Financial Crimes Commission (EFCC) and the Governor of the Central Bank of Nigeria (CBN), alleging grave unethical banking practices.
DDM gathered that the suit targets Igini in his personal capacity, despite the fact that he acted strictly as legal counsel to Broron Oil and Gas Company Limited, a major client allegedly affected by questionable financial dealings linked to First Bank.
According to investigations, Broron Oil and Gas had formally engaged Igini to raise alarm over what it described as deeply troubling patterns of fraudulent banking practices. These include manipulation of accounts, forged transfer mandates, unauthorised withdrawals, diversion of funds, and withholding of approved forex allocations, activities that reportedly led to massive losses amounting to millions of dollars and naira.
SaharaReporters revealed that the petitions triggered a high-level review involving the CBN’s Consumer Protection Department, which conducted a technical session between April 21 and April 23, 2022, with representatives of First Bank and Broron present.
At the end of that session, the apex bank reportedly issued clear findings of fact and directed First Bank to refund all millions of dollars and naira taken from Broron’s accounts under what the CBN described as “questionable and unexplainable circumstances.”
Despite these directives, DDM learnt that First Bank has yet to comply, leading Broron to insist that the problem has escalated far beyond civil disputes and now falls under EFCC’s criminal investigative jurisdiction.
One of the most controversial issues centres on a $26.7 million forex bid Broron applied for through First Bank for the purchase of an operations vessel.
Documents exchanged between the CBN and EFCC allegedly show that the forex allocation was approved directly to Broron, not First Bank. Yet Broron claims the bank falsely insisted the dollars used were its own funds, subsequently withdrawing more than $32 million from the company’s account.
Another outstanding allegation concerns a $9.2 million loan granted by the Bank of Industry (BOI) to Broron, which First Bank allegedly refused to release, instead trading with the money while using Broron’s own dollars to pay interest for over two years.
The BOI later demanded the return of its funds after discovering serious irregularities.
In response to Igini’s petitions, First Bank’s solicitors, Interlegal Partners & Notary Public, wrote a letter dated December 3, accusing the lawyer of constituting a “threat” to the bank and announced that a lawsuit had been filed against him personally.
The bank argued that his petitions interfered with an existing case, Suit No. FHC/L/CS/1280/2021 – First Bank of Nigeria vs. DSV Avianna & Broron Oil & Gas Ltd., which it claimed was still pending.
Igini, however, denied any knowledge of such a subsisting suit, adding that his petitions targeted criminal allegations, not civil matters already in court. He insisted that writing a letter seeking amicable resolution does not amount to intimidation or interference.
Following continued petitions by Igini, First Bank filed a fresh legal action marked Suit No. LD/ADR/5756/2025 – First Bank of Nigeria Limited vs. Michael Igini before Justice Okusanya of the Lagos State High Court, Osborne Division. The matter was heard on November 7, 2025, during which Igini’s counsel presented a Preliminary Objection seeking dismissal of the bank’s suit with punitive costs.
Justice Okusanya adjourned the case to February 4, 2026, for ruling.
Background checks by DDM show that Broron Oil and Gas is a major player in Nigeria’s oil sector and recently won an oil block under the current administration—a development that has heightened public interest in the dispute.
Sources allege that First Bank is unsettled that a matter it allegedly “warehoused” in court since 2021 through repeated adjournments has re-emerged in public consciousness due to Igini’s petitions and ongoing EFCC probes.
With multiple cases running concurrently at the EFCC, CBN, and Lagos High Court, analysts say the legal battle is poised to intensify in the coming months. The outcome is expected to shape public confidence in Nigeria’s banking system and could set new precedents for how financial institutions are held accountable for alleged misconduct.
