First Bank of Nigeria Plc has escalated the ongoing financial dispute with Broron Oil and Gas Company Limited by filing a lawsuit against human rights lawyer Barrister Mike Igini.
SaharaReporters reports that the suit targets Igini personally, arising from petitions he submitted to the Economic and Financial Crimes Commission (EFCC) and the Governor of the Central Bank of Nigeria (CBN). The petitions accused the bank of serious unethical practices on behalf of his client, Broron Oil and Gas Ltd.
Investigators have described a troubling pattern of alleged fraud, including account manipulation, forgery of transfer mandates, and fund diversion within First Bank’s operations claims that reportedly undermined customer trust and exposed clients to financial risks.
Broron Oil and Gas Ltd., a major First Bank customer and key player in Nigeria’s energy sector, engaged Igini to file complaints against the bank’s Managing Director and the CBN Governor. The company claims it suffered massive financial losses in both dollars and naira due to what it calls “unethical banking conduct.”
Through Mike Igini Chambers, detailed petitions were submitted to the CBN and EFCC, highlighting issues such as mismanagement of Broron’s accounts, withholding of approved forex allocations, diversion of loan facilities, unauthorized withdrawals, and the use of forged transfer mandates with fake Broron letterheads.
The allegations prompted a three-day technical session by the CBN’s Consumer Protection Department from April 21 to 23, 2022, involving representatives from both First Bank and Broron.
Sources say the apex bank made clear findings and directed First Bank to refund millions of dollars and naira withdrawn under “questionable and unexplainable circumstances.” However, compliance has reportedly not been enforced since 2022.
Contentious claims include a $26.7 million forex bid Broron allegedly applied for through First Bank to purchase an operations vessel. Broron asserts that the CBN approved the forex directly to the company, while First Bank allegedly misrepresented the funds as its own loan proceeds, collecting over $32 million from Broron’s account.
Another issue involves a $9.2 million loan from the Bank of Industry (BOI), which First Bank allegedly withheld, trading with Broron’s funds while covering loan interest for over two years. The BOI later demanded the return of the funds.
In a December 3, 2025, letter, First Bank’s solicitors, Interlegal Partners & Notary Public, described Igini’s petitions as a “threat” and announced a suit against him, citing interference with a pending case (Suit No: FHC/L/CS/1280/2021, First Bank of Nigeria Plc vs. DSV Avianna & Broron Oil & Gas Ltd.).
Igini denied knowledge of any subsisting suit, arguing that a lawyer’s letter seeking amicable resolution does not constitute a threat, and distinguished the civil cases from the EFCC criminal probe.
Following this, First Bank filed Suit No: LD/ADR/5756/2025 (First Bank of Nigeria Plc vs. Michael Igini) at the Lagos State High Court, Osborne Division. The case was heard on November 7, 2025, where Igini’s counsel filed a Preliminary Objection for dismissal with punitive costs. Justice Okusanya adjourned the matter to February 4, 2026, for ruling.
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