Court Orders Final Forfeiture of N1,168,602, 877.44, $392,818.01, £35,070 Recovered From Ex-First Bank’s Staff to FG

Justice A.O.Owoeye of the Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of the sums of N1,168,602,877.44, (One Billion, One Hundred and Sixty Eight Thousand, Six Hundred and Two, 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, One Cent) and £35,070 (Thirty Five Thousand, Seventy Pound Sterling) recovered from one Muiz Tijani Adeyinka, a former employee of First Bank of Nigeria, FBN, to the Federal Government of Nigeria, FGN.

The judge gave the order following a motion on notice for the final forfeiture order, which was supported with an affidavit deposed to by Isah Yusuf Nadabo, an investigator with the EFCC.

Justice Owoeye had, on November 27, 2024, ordered the interim forfeiture of the funds and also ordered the publication of the order in a national newspaper for any interested party to show cause why the various sums of money should not be finally forfeited to the Federal Government.

Moving the application for the final forfeiture on Monday , February 3, 2025, counsel to the EFCC, Zeenat Atiku, stated that “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 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.”

According to Atiku, Adeyinka manipulated the settlement accounts by creating fictitious domiciliary inflows , with which he immediately transferred the Naira equivalent to himself and his cronies.

She added 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 further submitted that the interim forfeiture order was published in The Punch newspaper of December 5, 2024 in compliance with the directive of the court.

After listening to the EFCC’s counsel, Justice Owoeye granted the application as prayed and held that “ 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."

Visit www.efcc.gov.ng for more stories: https://www.efcc.gov.ng/efcc/news-and-information/news-release/10660-court-orders-final-forfeiture-of-n1-168-602-877-44-392-818-01-gbp35-070-recovered-from-ex-first-banks-staff-to-fg

Nice one...

illicit:
Nice one...

No, not nice enough unless I've missed where Muiz Tijani Adeyinka is in prison.

So they couldn't proof the money wasn't his, but won by let him proof he owns the money.

If the money is in my possession or traced to me, it's automatically mine; why can't they proof the money is not mine.
If the money was used for Terrorism sponsorship will they say it's not mine since I can't proof it's not mine, but they agreed it's not mine because they want to take it.
Crazy Verdict

budaatum:


No, not nice enough unless I've missed where Muiz Tijani Adeyinka is in prison.

You are very correct. No one ever heard that he was caught

tanigororo:
So they couldn't proof the money wasn't his, but won by let him proof he owns the money.

If the money is in my possession or traced to me, it's automatically mine; why can't they proof the money is not mine.
If the money was used for Terrorism sponsorship will they say it's not mine since I can't proof it's not mine, but they agreed it's not mine because they want to take it.
Crazy Verdict

How the police got to know the companies and monies were his is still a mistery, except it attached to his BVN or NIN, in my opinion.

another OPEN DOOR for next official looters

Abbeyme:


Nah, next looter must look for another loophole. This one must have been blocked.

EFCC officials i mean

Wealthoptulent:
another OPEN DOOR for next official looters

Nah, next looter must look for another loophole. This one must have been blocked.

Wealthoptulent:
another OPEN DOOR for next official looters


EFCC officials i mean

True that

This westerners and corperate stealing nawaoo!

You attack Yahoo Yahoo boys but you are doing your own in a corporate way....

Hand go soon touch many of you both outside and within Tinubu's fumbling government.

Nonsense people.

🥱🥱🥱🥱

Damnn

tanigororo:
So they couldn't proof the money wasn't his, but won by let him proof he owns the money.

If the money is in my possession or traced to me, it's automatically mine; why can't they proof the money is not mine.
If the money was used for Terrorism sponsorship will they say it's not mine since I can't proof it's not mine, but they agreed it's not mine because they want to take it.
Crazy Verdict

Sit down and be dreaming.

Better still... go and tell FG the nonsense you wrote.