Investors at First Bank lost N1.79 billion during the course of the week, and the bank's operations were shut down by the FCT High Court Enforcement Unit in Abuja due to a debt.

According to a court official, "it is a long story, but it is all about a garnishee order against the bank which it did not comply with," which is why the officials raided the lender's headquarters on Friday to confiscate items.

NAN claims that because the lender disobeyed the court order, court officials arrived at First Bank's Abuja headquarters with towing vehicles to seize assets such standby generators and Hilux vans.

The commercial bank's employees described the scenario as embarrassing as air conditioners and other assets were taken from First Bank to pay off the hidden debt.

Employees at the company were alarmed when the FCT High Court Enforcement Unit sealed the bank's building as a result of a garnishee order acquired by a judgment creditor that the commercial bank owes money to.

As a result of a sell-off among stakeholders, First Bank's share fell by 0.45 percent to conclude Friday's trading at N10.95kobo, below N11. There was also panic on the exchange floor over the week.

After five trading days, this caused investors in the company to lose -0.45 percent of their investment, or N1.79 billion, and it reduced First Bank's market value from N394.8 billion to N393.05 billion.