Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture 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 and One Cent), and £35,070 (Thirty-Five Thousand and Seventy Pound Sterling) recovered from Muiz Tijani Adeyinka, a former employee of First Bank of Nigeria (FBN), to the Federal Government of Nigeria (FGN).
The order follows a motion for final forfeiture, supported by an affidavit submitted by Isah Yusuf Nadabo, an investigator with the Economic and Financial Crimes Commission (EFCC).
On November 27, 2024, Justice Owoeye had initially ordered the interim forfeiture of the funds and directed that the order be published in a national newspaper, inviting any interested party to show cause as to why the sums should not be permanently forfeited to the government.
During the hearing for the final forfeiture on Monday, February 3, 2025, EFCC counsel Zeenat Atiku stated, “On March 26, 2024, the Commission received a petition from First Bank of Nigeria alleging fraudulent transactions in various accounts both within and outside the bank.
“Investigation revealed that Muiz Tijani Adeyinka, the principal suspect, is a former employee of First Bank and is also the Managing Director/CEO of Golden Sieve Logistics Ltd., Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., all of which are incorporated with the Corporate Affairs Commission (CAC).
“He was assigned to the Settlement Office of the bank, granting him exclusive access to sensitive information reserved for that office.”
According to Atiku, Adeyinka manipulated the settlement accounts by generating fictitious domiciliary inflows, which he then converted to Naira and transferred to himself and his accomplices.
She further stated, “To conceal and disguise the fraudulent proceeds, he laundered the money by purchasing US Dollars and USDT.
“The proceeds were traced to his personal dollar account and cryptocurrency wallet.”
Atiku confirmed that the interim forfeiture order was published in The Punch newspaper on December 5, 2024, in compliance with the court’s directive.
After considering the EFCC’s submission, Justice Owoeye granted the application, stating, “I have reviewed the application, examined the supporting affidavit, the written address, and the publication attached. The application has merit and is hereby granted.”
