Justice Alexander 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 U.S. Dollars, One Cent), and £35,070 (Thirty-Five Thousand, Seventy British Pounds) recovered from Muiz Tijani Adeyinka, a former employee of First Bank of Nigeria (FBN), to the Federal Government of Nigeria.
The court’s decision followed a motion for final forfeiture, supported by an affidavit from Isah Yusuf Nadabo, an investigator with the Economic and Financial Crimes Commission (EFCC).
Earlier, on November 27, 2024, Justice Owoeye had ordered the interim forfeiture of the funds and directed that the order be published in a national newspaper to allow any interested parties to show cause why the funds should not be permanently forfeited to the Federal Government.
On Monday, February 3, 2025, during the hearing for the final forfeiture, EFCC counsel Zeenat Atiku explained that the EFCC had received a petition from FBN on March 26, 2024, alleging fraudulent transactions in various accounts within and outside the bank.
The investigation revealed that Muiz Tijani Adeyinka, the primary suspect, was a former staff member of FBN 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).
Atiku explained that Adeyinka, who worked at the bank’s Settlement Office, had unauthorized access to sensitive bank accounts.
He manipulated settlement accounts by creating fictitious foreign currency inflows, which he then transferred to himself and his associates in Naira equivalents.
To conceal the illicit proceeds, Adeyinka laundered the funds by purchasing U.S. Dollars and USDT (Tether), which were traced to his personal dollar and cryptocurrency wallet accounts.
Atiku also noted that the interim forfeiture order was published in a national newspaper on December 5, 2024, in compliance with the court’s directive.
After considering the EFCC’s arguments, Justice Owoeye granted the final forfeiture application, stating, “I have considered the application, examined the affidavit in support, the written address, and the publication attached. The application has merit, and the same is hereby granted.”
