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Friday, February 14, 2025

Ex-first bank staff loses over N1.1 Billion, $392,818, £35,070 to FG

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Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of N1,168,602,877.44, $392,818.01, and £35,070, recovered from Muiz Tijani Adeyinka, a former First Bank of Nigeria employee, to the Federal Government.

The ruling followed a motion filed by the Economic and Financial Crimes Commission (EFCC), supported by an affidavit from EFCC investigator Isah Yusuf Nadabo.

The court had earlier issued an interim forfeiture order on November 27, 2024, and directed its publication in a national newspaper to allow any interested parties to contest the forfeiture.

EFCC counsel Zeenat Atiku revealed that First Bank filed a petition in March 2024, alleging fraudulent activities in multiple accounts.

Investigations identified Adeyinka, also the MD/CEO of Golden Sieve Logistics Ltd., Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., as the prime suspect.

While working in the bank’s Settlement Office, Adeyinka allegedly exploited his access to manipulate settlement accounts, creating fake domiciliary inflows and transferring the Naira equivalents to himself and associates.

He reportedly laundered the funds through dollar purchases and cryptocurrency transactions, with proceeds traced to his personal accounts and crypto wallets.

After reviewing the evidence, Justice Owoeye ruled that the EFCC’s application had merit and granted the final forfeiture order.

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