A Federal High Court in Ikoyi, Lagos, has ruled that over N1.1 billion, $392,818, and £35,070 linked to fraudulent activities by Muiz Tijani Adeyinka, a former First Bank employee, be permanently forfeited to the Federal Government.
Justice A.O. Owoeye granted the order following an application by the Economic and Financial Crimes Commission, EFCC. This decision follows an interim forfeiture ruling made on November 27, 2024, which required a public notice in a national newspaper, allowing interested parties to contest the claim.
EFCC counsel, Zeenat Atiku, presented the case, explaining that First Bank had lodged a petition on March 26, 2024, detailing fraudulent transactions across various accounts.
Investigations showed that Adeyinka manipulated settlement accounts, created fictitious domiciliary inflows, and transferred naira equivalents to himself and his associates. To conceal the funds, he converted them into US dollars and cryptocurrency, specifically USDT.
The EFCC traced the stolen funds to Adeyinka’s personal dollar account and cryptocurrency wallets.
Following the publication of the interim forfeiture notice in The PUNCH newspaper on December 5, 2024, no one came forward to challenge the application.
After reviewing the case, Justice Owoeye ruled in favour of the EFCC, stating, “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.”
With this court ruling, the funds are now permanently forfeited to the Nigerian government.
Crediblenewsng.com
