By TGnews Team
A storm is brewing inside the headquarters of First Bank Nigeria, as the institution finds itself at the center of a tense and controversial internal crisis involving over 2,000 employees. At the heart of the issue is a mass disciplinary probe into car loans collected by staff — a standard benefit that has now spiraled into what many are calling an unfair witch-hunt, triggering fear, distrust, and tension within one of Nigeria’s oldest and most respected financial institutions.
Insiders who spoke with this newspaper on condition of anonymity describe a workplace gripped by anxiety. The bank’s decision to open wide-scale investigations into how employees purchased vehicles using car loans — which were approved and disbursed following traditional procedures — has left thousands vulnerable to dismissal, humiliation, and possible financial ruin.
Over 2,000 employees were queried and summoned to appear before the Disciplinary Committee
The issue reportedly began when 17 staff members were summarily terminated for allegedly violating the bank’s car loan policies. However, these individuals, upon learning of their dismissal, revealed that the method they used was commonplace among employees — sparking a broader internal review. What followed was unprecedented: over 2,000 employees were queried and summoned to appear before the Disciplinary Committee (DC).
THE REALITY OF A FLIMSY ACCUSATION
Many of those under scrutiny argue that they followed the exact same procedure that has been accepted and used for years. “I collected my loan just like before, and I used it to buy a Benz,” one staff member stated. “The car was bought, and all documentation was submitted. Now, they say the receipt didn’t bear my name or the bank’s name. Since when did this become a ground for dismissal?”
I collected my loan just like before, and I used it to buy a Benz
The heart of the issue, sources say, stems from inflationary pressures. Due to price surges in the auto market, some staff were forced to opt for second-grade versions of the cars they initially applied for. Yet, according to those affected, the decision was both economic and logical — still within the purpose of the loan — and never hidden from management.
“There’s a sinister undertone to this,” said another employee. “Are we really being punished for car loans, or is this a cover for a deeper, more strategic move by the MD and his executive team?”
Now, they say the receipt didn’t bear my name or the bank’s name. Since when did this become a ground for dismissal?
FEARS OF TARGETED DISMISSALS AND REGIONAL BIAS
More troubling is the emerging concern that this mass disciplinary wave may have regional undertones. Several insiders confirmed that the majority of the employees facing potential dismissal hail from Northern Nigeria — a fact that raises serious questions about fairness, transparency, and inclusivity within the bank’s management.
Is this just about car loans, or are certain staff being selectively targeted?
“Is this just about car loans, or are certain staff being selectively targeted? If there’s no regional bias, why are most of the affected staff from the North?” one aggrieved employee asked.
The move has sparked fears across the industry about employee welfare, rights, and due process within the Nigerian banking sector.
A THREAT TO THE BANK’S REPUTATION
Critics argue that the actions of First Bank’s MD and CEO could trigger unintended consequences — including a collapse of staff morale, trust erosion, and possibly, reputation damage with far-reaching consequences.
You don’t treat over 2,000 employees this way and expect loyalty or stability
“Do they even realize what they are doing?” asked a senior staff member from the credit risk department. “You don’t treat over 2,000 employees this way and expect loyalty or stability. When staff feel threatened, some may resort to desperate actions. That alone is a massive risk to depositor funds.”
Indeed, financial analysts warn that if the situation is mishandled, First Bank could find itself dealing with a PR nightmare. A simple headline on social media — “Depositors’ money at risk in First Bank due to possible mass staff sack over car loans” — could spark panic withdrawals, harm investor confidence, and open the door to regulatory scrutiny.
Depositors’ money at risk in First Bank due to possible mass staff sack over car loans
CALLS FOR TRANSPARENCY AND DUE PROCESS
Employees are now calling on the bank’s leadership, stakeholders, and even regulators to intervene before the situation degenerates further.
“We served this institution for 10 to 20 years, gave our lives to it, and now we’re being treated like criminals over what has always been a normal benefit. If there are new rules, they should be applied going forward — not used retroactively to punish people,” said one of the affected staff.
Staff union representatives are reportedly preparing to escalate the issue to the Central Bank of Nigeria (CBN), Nigeria Labour Congress (NLC), and other regulatory bodies if mass dismissals continue without clear justification or compensation packages.
We served this institution for 10 to 20 years, gave our lives to it, and now we’re being treated like criminals over what has always been a normal benefit.
THE WAY FORWARD
Many employees are urging First Bank’s management to pursue resolution, not retribution. The DC must carefully weigh its decisions, ensuring that any punitive actions reflect justice, not vendetta or strategy cloaked in technicalities.
The question remains: what is the real motive behind this internal purge? And is FirstBank ready to risk its integrity, staff loyalty, and customer confidence — all for what many are calling a flimsy, poorly handled administrative matter?
