N35b Fraud: Court Forfeits First Bank’s ‘Stolen’ N190.2m, $70.8k To FG

The Federal High Court sitting in Lagos Wednesday ordered an interim forfeiture of the sums of N190,277,634.2 million and $70,811,48, allegedly stolen from First Bank of Nigeria (FBN) by one of its staff, Muiz Tijani Adeyinka. 

Justice Akintayo Aluko, who granted the order following an ex-parte application by the Economic and Financial Crimes Commission (EFCC), ruled that the money be temporarily forfeited to the Federal Government.

The judge also directed the publication of the interim forfeiture order in any national newspaper, for anyone interested in the monies, to appear before the court and show cause within 14 days why the final order of forfeiture of the said monies should not be made.

The EFCC filed and moved the application through its counsel C. C. Okezie, who supported the motion with a 21-paragraph affidavit, deposed to by an EFCC investigator, Michael Idoko.

Justice Aluko, after hearing Okezie, held: “I have considered the application. I have examined the affidavit in support, the written address and the exhibits attached. The application has merit and same is hereby granted.”

The judge adjourned till October 9, for further hearing on the application.

In the affidavit, the deponent stated, among others, that: “The Commission on the 26th of March 2024, received a petition from First Bank of Nigeria (FBN) alleging fraudulent transactions in various bank accounts within and outside FBN, and that investigation revealed that Muiz Tijani Adeyinka (MTA) was a staff of FBN.

“That he is attached to the settlement office of the bank and by virtue of his office, had the capacity to carry out some inalienable access available only to the settlement office. And that the said Muiz Tijani Adeyinka manipulated the settlement accounts by creating fictitious domiciliary inflows and he immediately transferred the naira equivalent to himself and his cronies.

“Investigation has thus far revealed and traced the sum of N35 billion being benefitted by the said Muiz Tijani Adeyinka and his cronies. And that the modus operandi is that, after the manipulation, and in a bid to conceal and disguise the said fraudulent proceeds derived, he laundered same by purchasing US dollars and USDT. And that the said proceeds were traced to his personal dollar account and crypto wallet accounts.”

According to the deponent, Adeyinka, in a bid to launder the funds incorporated a company Golden Sieve Motors Limited and used the fraudulent proceeds to purchase and import exotic vehicles and warehoused them under the company and car stand Golden Sieve Motors Limited.

“Part of the unsold exotic vehicles were recovered in the course of the investigation. A total number of 28 vehicles were recovered by the applicant at the car stand Golden Sieve Motors Limited. A forfeiture order on the said vehicles was sought and granted by Honourable Justice Faji.

“Investigation also revealed that MTA maintains 62 different bank accounts while his syndicates, Mafiotan Oladipupo Olumuyiwa, the MD/CEO of Molafax Limited, Anwuli Daniel Chukwuebuka, MD/CEO of Danhypro Services Ltd and Chimebere Igboecheonwu maintains 30, 59 and 17 different accounts respectively with several banks,” Idoko added.

Continuing, he alleged that “Adeyinka transferred these monies directly from the FBN settlement’s account to his syndicates’ accounts with details: Molafax Limited FBN account no. 2042463159, Danhypro Services Ltd FBN account no. 2042517375 as well as Clinton Chimebere Igboecheonwu FBN account no. 3159854377. And that the narrations of these transactions usually reads; Unified Payments, IC Markets, Bamboo, Riseves Trade, Chaka and Flutterwave.

“That these syndicates both directly and through the use of other proxies transferred these monies back to the principal suspect either by the purchase of Dollars and USDT equivalent which was sent to his Domiciliary accounts and wallets, and also transferring to his accounts and his wife Tijani Hawaw Olaitan’s account.”