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

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

According to a statement on Tuesday by the Economic and Financial Crimes Commission via X, Justice A.O. Owoeye granted the final forfeiture order on Monday, February 3, 2025, following a motion on notice filed by the EFCC.

The order came after an initial interim forfeiture ruling made on November 27, 2024, which required the publication of the forfeiture notice in a national newspaper, allowing any interested party to contest the claim.

Counsel to the EFCC, Zeenat Atiku, while presenting the application, stated, “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 the bank.”

According to Atiku, investigations revealed that Adeyinka, the principal suspect, was a former staff member of First Bank and also served as the Managing Director/Chief Executive Officer of Golden Sieve Logistics Ltd, Golden Sieve Properties Ltd, and Golden Sieve Motors Ltd. These companies were duly registered with the Corporate Affairs Commission.

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

The EFCC’s counsel further stated that Adeyinka manipulated the settlement accounts by creating fictitious domiciliary inflows, transferring the naira equivalent to himself and his associates.