Frustrated patrons of Jaiz Bank gathered at the financial institution's main branch in Jos, Plateau State, to protest alleged illicit transactions totaling over N100 million. The demonstrators urged the Central Bank of Nigeria and federal authorities to step in and assist in retrieving their missing funds.
Carrying placards with various inscriptions, the crowd demanded immediate action from regulatory bodies, including the Nigerian Bar Association, to address financial losses they attributed to unauthorized account withdrawals.
Speaking on behalf of the protesters, Hashim Faruk stated that the grievances stretch back to 2002, when several customers allegedly lost capital through unauthorized transactions linked to a bank employee. According to Mr Faruk, a formal report lodged with the Plateau State Police Command Criminal Investigation Department led to the identification of a staff member, Habiba Abdulrahman, as the prime suspect in the alleged fraud. He noted that although police recommended a refund to the impacted customers, the institution failed to implement the directive, prompting the demonstration.
How did Jaiz Bank respond to the allegations?
Addressing the claims through its designated legal adviser, Munir Barau, the bank rejected responsibility for the disputed funds. Mr Barau asserted that the contested monies were not deposited into standard bank accounts belonging to the institution, but rather transferred into the personal accounts of Ms Abdulrahman and her spouse.
He explained that the couple operated informal private investment schemes, promising monthly returns ranging between N50,000 and N100,000 based on the capital provided. According to the legal representative, payments eventually ceased, triggering complaints from participants who had invested substantial sums, such as a documented N10 million placement.
What do official documents reveal about the transactions?
Review of a joint venture agreement involving Munir Dansarina Global Ventures revealed a formal arrangement where Abubakar Idris Zakariya invested N10 million in August 2025. The document indicated that partial repayments had reduced the outstanding balance to N9 million, with adjusted monthly profit yields.
Additionally, bank statements showed specific electronic money movements, including a N4 million debit from a children's savings account channeled toward the mentioned business venture in May 2025. Meanwhile, court filings at the Plateau State High Court, Jos Judicial Division, indicate ongoing civil litigation instituted by multiple affected parties against the financial institution and the individuals involved.
As legal battles proceed and regulatory scrutiny intensifies, affected depositors continue to press for accountability and the full recovery of their trapped funds through official administrative and judicial channels.