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 First Bank of Nigeria employee, to the Federal Government.
Justice A.O. Owoeye issued the ruling after considering a motion by the Economic and Financial Crimes Commission (EFCC), supported by an affidavit from investigator Isah Yusuf Nadabo.
The court had previously granted an interim forfeiture order on November 27, 2024, instructing that it be published in a national newspaper to allow any claims from interested parties.
EFCC counsel Zeenat Atiku stated that First Bank had petitioned the agency in March 2024, reporting fraudulent transactions involving multiple accounts.
Investigations identified Adeyinka, also the MD/CEO of Golden Sieve Logistics Ltd., Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., as the main suspect.
While working in the bank’s Settlement Office, he allegedly exploited his position to manipulate settlement accounts, create fake domiciliary inflows, and transfer Naira equivalents to himself and associates.
He reportedly laundered the funds through cryptocurrency transactions and dollar purchases, with proceeds traced to his personal accounts and crypto wallets.
After reviewing the evidence, Justice Owoeye ruled in favor of the EFCC, granting the final forfeiture of the recovered funds.