The Federal High Court in Ikoyi, Lagos has ordered the final forfeiture of the sum of N1,168,602,877.44, $392,818.01 and £35,070 recovered from Muiz T
The Federal High Court in Ikoyi, Lagos has ordered the final forfeiture of the sum of N1,168,602,877.44, $392,818.01 and £35,070 recovered from Muiz Tijani Adeyinka, a former employee of FirstBank of Nigeria (FBN), to the Federal Government of Nigeria (FGN).
This was revealed during a court ruling by Justice A.O Owoeye on Monday, February 3.
The ruling followed a motion for final forfeiture, supported by an affidavit filed by Isah Yusuf Nadabo, an investigator with the Economic and Financial Crimes Commission (EFCC).
Justice Owoeye had initially ordered an interim forfeiture of the funds on Monday, November 27 and instructed that the order be published in a national newspaper, allowing any interested party the opportunity to contest the final forfeiture of the funds to the FG.
However, the counsel for the EFCC, Zeenat Atiku presented the application for final forfeiture on Monday, February 3.
Atiku said, “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 of 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.”
Atiku explained that Adeyinka tampered with the settlement accounts by generating fake foreign currency inflows, which he then swiftly converted into Naira and transferred to himself and his associates.
Adding 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 also argued that the interim forfeiture order aligns with the court’s directive.
After hearing from the EFCC’s counsel, Justice Owoeye approved the application.
The judge said, “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.”
