How Ex-First Bank Staff, Muiz Adeyinka Forfeited N1.1bn, $392,818 To FG

Posted on March 8, 2025

How banker, Muiz Tijani Adeyinka forfeited N1.1bn, $392,818 to Nigerian govt

Muiz Tijani Adeyinka, a former staff of First Bank of Nigeria, has been ordered to forfeit the sum of N1,168,602,877.44 (One Billion, One Hundred and Sixty Eight Million, Six Hundred and Two Thousand, Eight Hundred and Seventy Seven Naira, Forty Four kobo); $392,818.01 (Three Hundred and Ninety Two Thousand, Eight Hundred and Eighteen United States Dollars, One Cent) and £35,070 (Thirty Five Thousand, Seventy Pound Sterling), which were recovered from him, to the Federal Government of Nigeria

The ruling was issued recently by Justice A. O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, following a motion for final forfeiture supported by an affidavit from Isah Yusuf Nadabo, an investigator with the Economic and Financial Crimes Commission, EFCC.

Earlier, in November 2024, Justice Owoeye had ordered the interim forfeiture of the funds and directed that the order be published in a national newspaper, allowing interested parties to contest the forfeiture.

According to the EFCC’s counsel, Zeenat Atiku, the commission received a petition from First Bank in March 2024, alleging fraudulent transactions involving multiple bank accounts.

The investigation revealed that Adeyinka had manipulated settlement accounts by creating fictitious domiciliary inflows, which he then transferred, along with the Naira equivalent, to himself and his associates.

Moving the application for the final forfeiture on Monday , February 3, 2025, counsel to the EFCC, Zeenat Atiku, stated that “The Commission, on March 26, 2024, received a petition from First Bank of Nigeria (FBN) alleging fraudulent transactions in various bank accounts within and outside First Bank of Nigeria Plc.

“ Investigation revealed that Muiz Tijani Adeyinka, who is the principal suspect, is a former staff of First Bank Nigeria Plc. He is also the MD/CEO of Golden Sieve Logistics Ltd, Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., which are all duly incorporated with the Corporate Affairs Commission, CAC.

“He was attached to the Settlement Office of the bank and by virtue of his office, he had some inalienable access available only to the Settlement Office.”

According to Atiku, Adeyinka manipulated the settlement accounts by creating fictitious domiciliary inflows , with which he immediately transferred the Naira equivalent to himself and his cronies.

She added that “In a bid to conceal and disguise the said fraudulent proceeds derived, he laundered the same by purchasing US Dollars and USDT.

“The said proceeds were traced to his personal dollar account and crypto wallet accounts.”

Atiku further submitted that the interim forfeiture order was published in The Punch newspaper of December 5, 2024 in compliance with the directive of the court.

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

After considering the evidence, Justice Owoeye granted the final forfeiture, ruling that the application was valid and merited.