One Year After Failed Transaction of N100,000, First Bank Tells Customer ‘It Has Gone’

Muazu Muhammad Aminu, a First Bank customer based in Potiskum, Yobe State, lost his N100,000 between his bank and a Point of Sale (POS) operator sometime last year.

Efforts to recoup his money were fruitless, he told WikkiTimes.

Aminu initiated a transaction using an Opay POS terminal on December 12, 2021. The transaction failed but it was not reversed. He would later lodge a complaint at the bank’s branch in Potiskum where he was assured that the money would be reversed between 24 – 48 hours.

READ: Hacker ‘Aided by Insider’ Steals N100,000 from Customer’s GTBank Account, Threatens He Could Withdraw Wire More

“What happened was that I transact with my first Bank ATM card using the Opay POS terminal on 13-12-2021. I got debited but the transaction failed.  I went to the bank and filled a complaint form and my account was logged.

“They assured me that after 24 to 48 hours my money will be reversed but it wasn’t. I went back a second time to the bank and did the same routine but nothing happened,” he said.

A screenshot of First Bank’s response sent to Aminu last year

Two days ago, Aminu commented under a tweet by Kayode Akintemi, a Guaranty Trust (GT) Bank customer who just retrieved his N200,000 from the bank.

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“How can I get my 100k from @FirstBankngr @FBN_help. Since last year dispense error transactions people are losing their money on a daily basis with regard to this,” he tweeted. 

Responding, First Bank tweeted that the complaint has exceeded “120 days arbitration period.“

READ: N26,800 Vanished from Businessman FCMB’s Account. The Bank Says Nothing Could Be Done

“Hello @aminumam05. Thank you for contacting us. We empathize with you on the issue raised,” tweeted the bank. “Please be advised that the complaint of 13-12-2021 has passed the 120 days arbitration period. #YouFirst.”

To get a clear view of the ‘120 days arbitration period’,  WikkiTimes contacted an insider who works in operation unit of one of the country’s commercial banks. According to him, the term means the money could not be retrieved “because it has passed the 120-day limit within the period in which it could be traced.”

However, the banker explained that only in rare cases, such transactions are successfully treated. Aminu, however, said he had resigned to fate as the bank had stated that nothing could be done.

READ: Three Months after, Zenith Bank Sits on Freelancer’s Dollars, Claims Scrutiny

“They said my issue has passed the arbitration period. I don’t know what that means but I leave them with God Kawai,” he told WikkiTimes.

At press time, an enquiry sent to First Bank had not been responded to. 

WikkiTimes also reported the matter to the Federal Competition and Consumer Protection Commission (FCCPC) via email but the mail had also not been responded to.


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