Court Orders Final Forfeiture Of Over N1.1 Billion, $392,818, £35,070 Recovered From Ex-First Bank Staff
A 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 employee of First Bank of Nigeria (FBN), to the Federal Government of Nigeria (FGN).
Justice A.O. Owoeye issued the ruling following a motion on notice filed by the Economic and Financial Crimes Commission (EFCC), supported by an affidavit from an EFCC investigator, Isah Yusuf Nadabo.
The forfeiture follows an EFCC investigation triggered by a petition from First Bank on March 26, 2024, alleging fraudulent transactions. Findings revealed that Adeyinka, who was attached to the bank’s Settlement Office, exploited his position to manipulate settlement accounts, creating fictitious domiciliary inflows and diverting funds for personal gain.
Justice Owoeye, after reviewing the application and supporting documents, ruled that the forfeiture order was justified and granted the EFCC’s request in full.
