Allegation of fraud running into billions of Naira have dogged one of Nigeria’s commercial banks, Heritage.

Its Managing Director, Ifie Sekibo was reported to have been involved in a 13-billion-Naira fraud and that Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission, EFCC, was investigating him.

A report in some section of the media had it that EFCC had informed the bank of an account operated by Oyo State government being investigated by the agency.

However, the bank has denied the allegations and the media reports.

In a statement on Sunday, the bank said, “the management will want to categorically and unequivocally state that neither the Managing Director – Mr. Ifie Sekibo nor any member of the management staff of the bank is being investigated by the EFCC on a 13-billion-Naira fraud”.

It added that as it regards the state government’s funds, the bank, has “over the past week, fully cooperated with EFCC by providing various documents and also presented its staff in this regard in the process”.

The management, the bank said, "finds it distasteful, unethical and unprofessional of these media houses to tarnish the image of Mr Ifie Sekibo and the bank".