Court Orders Forfeiture Of N1.1bn, $392,000 Stolen By Ex-Bank Manager

Justice Alexander Owoeye of the Federal High Court Lagos has ordered the final forfeiture of N1,168,602,877.44, $392,818.01, and £35,070 allegedly recovered from Muiz Tijani Adeyinka, a former manager of First Bank of Nigeria (FBN), to the Federal Government of Nigeria.

Justice Owoeye issued the permanent forfeiture order after listening to a motion supported by an affidavit sworn by Isah Nadabo, an investigator with the Economic and Financial Crimes Commission (EFCC).

On November 27, 2024, the judge ordered the interim forfeiture of the funds and instructed that the order be published in a national newspaper so interested parties could contest it.

While moving the application, an EFCC counsel, Miss Zeenat Atiku, informed the court that “The Commission, on March 26, 2024, received a petition from First Bank of Nigeria (FBN) alleging fraudulent transactions involving various bank accounts within and outside the bank.”

The lawyer also revealed that Adeyinka, the principal suspect, is a former employee of FBN and the Managing Director and Chief Executive Officer of several companies, including Golden Sieve Logistics Ltd, Golden Sieve Properties Ltd, and Golden Sieve Motors Ltd., duly incorporated with the Corporate Affairs Commission (CAC).

Adeyinka was attached to the bank’s Settlement Office, granting him exclusive access to sensitive information.

The EFCC’s lawyer had also alleged that Adeyinka exploited the settlement accounts by fabricating fictitious domiciliary inflows, which he then transferred into his account and those of his accomplices.

Atiku further claimed that the defendant allegedly laundered the money by purchasing US Dollars to conceal and disguise these fraudulent proceeds, which were traced to his personal dollar and crypto wallet accounts.

The lawyer further informed the court that the court’s directive published the interim forfeiture order in a national newspaper on December 5, 2024.

After listening to the EFCC’s counsel, Justice Owoeye granted the application, stating, “I have considered the application. I have examined the affidavit in support of the written address and the attached publication. The application has merit and is hereby granted.”