A fresh twist has emerged in the ongoing dispute between First Bank of Nigeria Limited and Broron Oil and Gas Company Limited, as the bank has filed a lawsuit against human rights lawyer, Barrister Mike Igini, over petitions he submitted to federal authorities alleging serious banking misconduct.
SaharaReporters learnt that Igini, acting as legal counsel to Broron Oil and Gas, had filed detailed petitions to both the Economic and Financial Crimes Commission (EFCC) and the Governor of the Central Bank of Nigeria (CBN), accusing First Bank of multiple unethical practices. His petitions reportedly outlined issues such as alleged manipulation of customer accounts, unauthorised withdrawals, diversion of funds, misuse of loan facilities, and the use of questionable transfer mandates.
Due to the seriousness of the allegations, the CBN’s Consumer Protection Department convened a three-day technical session in April 2022 involving both parties. The apex bank reportedly reached specific findings and directed First Bank to refund all funds withdrawn from Broron’s accounts “under questionable circumstances.”
However, enforcement of the CBN’s directive has reportedly remained stalled since 2022.
One of the major points of contention is a $26.7 million foreign exchange allocation Broron claimed to have applied for through First Bank. Documents allegedly revealed that the CBN approved the forex directly to Broron — not First Bank — contradicting the bank’s claim that the funds were part of its own loan facility. Broron alleged that the bank eventually debited over $32 million from its accounts based on that claim.
Another allegation involves a $9.2 million Bank of Industry loan reportedly granted to Broron but allegedly held back by First Bank. Instead of releasing the loan, the bank was accused of using the funds for trading activities while Broron’s own funds were used to service interest on the loan for more than two years.
The legalobserver learnt that the EFCC has invited officials from both First Bank and the CBN for questioning over issues relating to alleged forgery, unauthorised transfers, and questionable forex transactions.
Meanwhile, First Bank, through its solicitors Interlegal Partners & Notary Public, accused Igini of interfering with an existing legal matter already before the Federal High Court. In response, Igini stated that he was unaware of any pending suit involving his client and argued that reporting potential criminal conduct to the EFCC or CBN does not amount to a legal “threat.”
In a separate action marked Suit No: LD/ADR/5756/2025, First Bank has now sued Igini personally at the Lagos State High Court, Osborne Division. At the last hearing on November 7, 2025, Igini’s legal team filed a preliminary objection seeking to dismiss the case. Justice Okusanya adjourned ruling to February 4, 2026.
Broron Oil and Gas, a major industry player and one of First Bank’s significant clients, recently secured a new oil block — increasing the stakes in the escalating dispute.
Sources told SaharaReporters that First Bank is uneasy about renewed public scrutiny after the matter allegedly lingered in court with repeated delays since 2021.
As regulatory investigations and court proceedings progress simultaneously, the controversy surrounding First Bank’s banking practices and Igini’s petitions is expected to intensify in the coming months.
