Femi Ashekun/
Justice A.O. Owoeye of the Federal High Court, Ikoyi, Lagos, has ordered the final forfeiture of over ₦1.3 billion stolen by Muiz Tijani Adeyinka, a former manager at First Bank of Nigeria (FBN).
The recovered funds include ₦1,168,602,877.44, $392,818.01, and £35,070, all misappropriated while Adeyinka held a position of trust within the bank.
The ruling followed an extensive investigation by the Economic and Financial Crimes Commission (EFCC), triggered by a petition from First Bank on March 26, 2024.
According to EFCC counsel Zeenat Atiku, Adeyinka, while serving as a manager in the Settlement Office, exploited his privileged access to create fictitious domiciliary inflows. He then diverted the naira equivalent of these funds into personal accounts and those of his collaborators.
Further investigations revealed that Adeyinka laundered the stolen proceeds through the purchase of U.S. dollars and cryptocurrency, which were traced to his personal dollar accounts, crypto wallets, and businesses he owned. These include Golden Sieve Logistics Ltd, Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., all registered with the Corporate Affairs Commission.
An interim forfeiture order was granted on November 27, 2024, and published in The Punch newspaper on December 5, 2024, inviting any interested parties to contest the claims.
With no objections raised, Justice Owoeye yesterday approved the final forfeiture of the funds to the Federal Government of Nigeria.
In his ruling, the judge stated, “I have examined the affidavit in support, the written address, and the publication attached. The application has merit, and the same is hereby granted.”
The case has sparked widespread concern about internal controls at First Bank, where Adeyinka was able to perpetrate such massive fraud undetected.
0