Top Banker, Nnedimma Arah Arraigned For Alleged FX Fraud

After several adjournment which lasted for over a year, the Nigerian Police detectives attached to the State Criminal Investigation Department (SCID), Panti-Yaba, Lagos, succeeded in arraigning a senior manager with First Bank Limited, Nnedimma Arah, before a Federal High Court, Lagos, on alleged forgery.

Prior to the Nnedimma Arah’s arrraignment on Monday, the police detectives informed the court of a three count-charge amended charge previously filed against Nnedimma and Temitope Ogheneteme, on the legal advice issued by the office of Director of Public Prosecution (DPP).

At the arrraignment on Monday, the prosecutor, Barrister Emmanuel Eze, informed the court of a Motion on Notice seeking to strike out the name of the first defendant, Temitope Ogheneteme, based on DPP’s Legal advice.

The amended charge, dated March 30, 2026, was granted by the presiding judge, Justice Daniel Osiagor, who struck out Ogheneteme’s name as requested by the prosecutor.

Following the amendment, the prosecution discontinued the case against Ogheneteme, leaving Arah, an Associate Chartered Accountant (ACA), who is the Dosumu, Lagos Island branch manager of First Bank, as the sole defendant in Charge No. FHC/L/582C/2025.

In the amended charge, Arah is accused of forging a letter of undertaking allegedly issued by Freshborn Industries Limited to cover foreign exchange differentials, dated August 12, 2022.

The alleged offence occurred between January 2023 and January 2024 at the bank’s Dosunmu Branch.

The prosecution alleged that the document was forged with intent to present it as genuine, to the prejudice of Freshborn Industries Nigeria Limited and its representatives, Anene Ikenna and Anene Chinyere Angela.

The offence is punishable under Section 1(2)(c) of the Miscellaneous Offences Act.

Arah pleaded not guilty to the one-count charge.

Following her plea, defence counsel, his lawyer, moved an application for bail and urged the court to grant it.

The court noted that the defendant had previously been on administrative bail and had shown diligence in attending proceedings.

Justice Osiagor granted her bail in the sum of N5 million, with one surety in like sum.

The case had earlier been stalled following the intervention of the Office of the Director of Public Prosecutions (DPP) of the Federation after a petition by First Bank.

In a letter dated January 26, 2026, the DPP requested the case file from the police for review in line with the Administration of Criminal Justice Act.

In its petition to the Attorney-General of the Federation, the bank maintained that the dispute arose from a $400,000 credit facility granted to Freshborn Industries Limited and is already the subject of a pending civil suit before the Lagos State High Court.

The bank argued that the criminal charge stems from a commercial dispute and warned that the prosecution amounts to an abuse of the criminal justice process.

The suit has been adjourned to July 14 and 15, 2026, for commencement of the defendant’s trial.

The amended charge against the First Bank Manager reads: “That you Nnedinma Arah ‘f’ between the months of January, 2023 and January, 2024 at First Bank Nigeria Limited, Dosunmu Branch, Lagos Island, Lagos within the Jurisdiction of this Court did forge Freshborn Industries’ Limited letter of undertaking to bear FX differentials dated 12/8/2022 knowing same to false and with intent that it may be acted upon as genuine to the prejudice of Freshborn Industries Nigeria Limited, Anene Ikenna and Anene Chinyere Angela and thereby committed an offence punishable under section 1(2)(C) of the Miscellaneous Offences Act Cap. M17 Laws of the Federation of Nigeria, 2004.”