Respite for FirstBank depositors as court orders forfeiture of stolen funds by bank’s staff

A court has ordered the final forfeiture of N1.17bn stolen by ex-FirstBank staff Muiz Tijani Adeyinka after an EFCC investigation

[dropcap]A[/dropcap] Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of N1,168,602,877.44, $392,818.01, and £35,070 stolen by Muiz Tijani Adeyinka, a former staff member of First Bank of Nigeria (FBN), to the Federal Government of Nigeria (FGN).

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The ruling by Justice A.O. Owoeye follows an extensive investigation by the Economic and Financial Crimes Commission (EFCC), which uncovered fraudulent transactions linked to Adeyinka’s access to the bank’s Settlement Office.

The EFCC’s investigation stemmed from a petition filed by FirstBank on March 26, 2024, alleging fraudulent transactions involving various accounts within and outside the bank.

Adeyinka, who also served as the MD/CEO of Golden Sieve Logistics Ltd, Golden Sieve Properties Ltd, and Golden Sieve Motors Ltd, leveraged his position to manipulate settlement accounts, creating fictitious domiciliary inflows and transferring the Naira equivalent to himself and his associates.

Further investigation revealed that Adeyinka laundered the funds by converting them into US dollars and USDT, which were traced to his personal dollar account and crypto wallets.

Following these discoveries, Justice Owoeye issued an interim forfeiture order on November 27, 2024, and directed its publication in a national newspaper, allowing any interested party to contest the forfeiture.

The EFCC, represented by Zeenat Atiku, confirmed that the publication appeared in The Punch newspaper on December 5, 2024, in compliance with the court’s directive.

Atiku, while presenting the final forfeiture application on February 3, 2025, argued that the case against Adeyinka was clear and backed by substantial evidence.

Justice Owoeye, in his ruling, acknowledged the merits of the application and granted the final forfeiture order, stating that the court had reviewed all submissions, including the affidavit in support and the published notice.

Also read: FirstBank pensioners demand compliance with court orders on pension payments

With this ruling, the stolen funds will now be permanently transferred to the Federal Government, marking a significant victory in the fight against financial fraud in Nigeria’s banking sector.