Daud Olatunji
The Federal High Court sitting in Lagos has handed down a final decree for the forfeiture of N1,168,602,877, £35,070, and $392,818 recovered from Muiz Tijani Adeyinka, a former employee of First Bank of Nigeria (FBN).
This decision comes after the Economic and Financial Crimes Commission (EFCC) successfully met the stipulated conditions following an initial interim forfeiture order issued last November.
Presiding over the case, Justice Alexander Owoeye declared the final forfeiture of the substantial sums following EFCC’s compliance with all procedural requirements set forth in the earlier court order.
The interim forfeiture had mandated a public notice in a national newspaper, inviting interested parties to contest the seizure within a specified period.
No challenges were lodged during this period, leading to the conclusive ruling in favour of the federal government.
Zeenat Atiku, legal counsel for the EFCC, disclosed during the proceedings that the investigation into fraudulent activities involving Adeyinka commenced following a petition from First Bank in March 2024.
Allegations centered around the misappropriation of funds through fictitious transactions orchestrated within and outside the bank’s settlement office.
Atiku asserted that Adeyinka utilized his position to fabricate domiciliary inflows, subsequently transferring corresponding naira amounts to himself and accomplices.
“At the heart of this scheme,” Atiku emphasized, “was the purchase of US dollars and digital currency, integral to the complex web of money laundering activities orchestrated by Muiz Tijani Adeyinka.”
Investigations further revealed that Adeyinka, in addition to his former role at FBN, held key positions within multiple corporate entities, including Golden Sieve Logistics Ltd., Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., all duly registered with the Corporate Affairs Commission.
In an earlier development, the INTERPOL section of the Force Criminal Investigation Department (FCID) had issued a warrant for Adeyinka’s arrest in June 2024.
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