A new round of tension has surfaced in the financial dispute between First Bank of Nigeria Limited and Broron Oil and Gas Company Limited, as the bank has now filed a lawsuit against human rights lawyer, Barrister Mike Igini. The action is reportedly linked to petitions Igini submitted to the Economic and Financial Crimes Commission (EFCC) and the Governor of the Central Bank of Nigeria (CBN), accusing First Bank of serious unethical banking practices.
The suit targets Igini in his personal capacity, even though he acted strictly as legal counsel to Broron Oil and Gas Ltd.
According to information obtained by SaharaReporters, investigators uncovered what they described as an alarming pattern of alleged financial misconduct within First Bank. These claims include manipulation of customer accounts, forged transfer mandates, diversion of funds, and other irregular transactions that have raised concerns about customer safety and trust.
Broron Oil and Gas had retained Barrister Igini after the company allegedly lost millions of dollars and naira due to what it described as “unethical banking conduct” by First Bank. Acting on this mandate, Igini submitted detailed petitions to both the CBN and the EFCC. The petitions accused First Bank of mishandling Broron’s accounts, withholding approved foreign exchange allocations, diverting loan facilities, carrying out unauthorised withdrawals, and using forged transfer instructions printed on fake Broron letterheads.
These complaints prompted the CBN’s Consumer Protection Department to host a three-day technical meeting from April 21 to 23, 2022, with representatives of both First Bank and Broron in attendance. The apex bank reportedly reached clear conclusions and directed First Bank to reimburse all the millions withdrawn “under questionable and unexplainable circumstances.” However, the directive has remained unenforced since 2022.
One of the most disputed issues involves a $26.7 million forex application Broron allegedly made through First Bank for the purchase of an operations vessel. Broron maintains that the CBN approved the request in its name—not the bank’s—yet First Bank allegedly claimed the funds were part of its loan to Broron. Based on this claim, the bank reportedly collected more than $32 million from Broron’s account. Documents dated September 29, 2021, exchanged between the EFCC and the CBN, reportedly confirmed that the forex approval was issued directly to Broron.
There is also a separate allegation regarding a $9.2 million loan from the Bank of Industry (BOI) to Broron, which First Bank allegedly withheld. Instead, the bank purportedly traded with the funds while using Broron’s own dollar deposits to service the loan interest for over two years. BOI later requested the funds be returned after discovering the inconsistencies.
SaharaReporters learned that the EFCC has summoned officials from First Bank and the CBN for questioning over suspected forgery, fraudulent transfers, questionable forex activities, and diversion of customer funds.
In a letter dated December 3, First Bank’s lawyers, Interlegal Partners & Notary Public, claimed that Igini’s petitions posed a “threat” to the bank. They also revealed that the bank had taken legal action not against Broron, but directly against Igini. The bank referenced an existing lawsuit, Suit No: FHC/L/CS/1280/2021 – First Bank of Nigeria vs. DSV Avianna & Broron Oil & Gas Ltd, arguing that Igini’s petition interfered with matters already before the court.
Igini denied being aware of any pending suit involving his client and argued that seeking an amicable resolution outside the court system does not amount to a threat. He further stated that EFCC investigations focus on criminal allegations, which differ from the civil nature of the court case cited by First Bank.
SaharaReporters also obtained a letter dated February 28, 2025, in which the CBN confirmed that it is still working to resolve the dispute.
Despite ongoing petitions, First Bank filed another legal action: 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. When the case was mentioned on November 7, 2025, Igini’s legal team filed a Preliminary Objection seeking to have the lawsuit dismissed with punitive costs. The court adjourned proceedings to February 4, 2026, for a ruling.
Broron Oil and Gas, a significant player in Nigeria’s energy sector and a major customer of First Bank, recently secured an oil block under the current administration—an outcome that has increased the stakes of the dispute.
Sources allege that First Bank is unhappy that a matter it had “parked” in court with repeated adjournments since 2021 is now resurfacing because of Igini’s petitions and the EFCC’s renewed interest.
The legal confrontation is expected to intensify in the coming months as regulatory bodies delve deeper into the allegations against First Bank, while the Lagos High Court prepares to decide on the bank’s suit against Mike Igini.
