Federal High Court Orders Interim Forfeiture of Funds Allegedly Embezzled by First Bank of Nigeria Staff

The Federal High Court in Lagos has ordered an interim forfeiture of funds totaling N190,277,634.20 and $70,811.48, allegedly embezzled from First Bank of Nigeria (FBN) by one of its employees, Muiz Tijani Adeyinka.

The order was granted by Justice Akintayo Aluko on Wednesday, following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC). The judge has directed that the funds be temporarily forfeited to the Federal Government.

Justice Aluko also mandated that the interim forfeiture order be published in national newspapers, providing an opportunity for any interested parties to contest the forfeiture within 14 days.

The EFCC’s application was supported by a 21-paragraph affidavit from EFCC investigator Michael Idoko. According to the affidavit, FBN reported suspicious transactions to the EFCC on March 26, 2024. Investigations revealed that Adeyinka, an FBN staff member, manipulated settlement accounts to create fictitious transactions and embezzled significant sums.

The investigation found that Adeyinka had illicitly accumulated approximately N35 billion. To conceal the funds, he laundered them through purchases of US dollars and cryptocurrency. Adeyinka allegedly used the proceeds to buy and import luxury vehicles through his company, Golden Sieve Motors Limited. Twenty-eight such vehicles were recovered during the investigation.

Additionally, it was revealed that Adeyinka operated 62 bank accounts, while his associates maintained multiple accounts across various banks. The funds were transferred to these accounts and were used to purchase foreign currency and cryptocurrency.

The court has scheduled further hearings on the matter for October 9, 2024.