Friday, October 10, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
ADVERTISEMENT
Home Crime Watch

N35b Fraud: Court Forfeits First Bank’s ‘Stolen’ N190.2m, $70.8k To FG

Justice Akintayo Aluko, who granted the order following an ex-parte application by the Economic and Financial Crimes Commission (EFCC), ruled that the money be temporarily forfeited to the Federal Government.

Newsroom Nigeria by Newsroom Nigeria
August 14, 2024
in Crime Watch, News
Reading Time: 3 mins read
0
SHARES
Share on FacebookShare on Twitter

The Federal High Court sitting in Lagos Wednesday ordered an interim forfeiture of the sums of N190,277,634.2 million and $70,811,48, allegedly stolen from First Bank of Nigeria (FBN) by one of its staff, Muiz Tijani Adeyinka.

Justice Akintayo Aluko, who granted the order following an ex-parte application by the Economic and Financial Crimes Commission (EFCC), ruled that the money be temporarily forfeited to the Federal Government.

Related posts

Viewpoint: Between Lere Olayinka and Rufai Oseni, By Bolanle BOLAWOLE

Viewpoint: How Journalists Can get the Best from a Subject in an Interview By Adewale Adeoye

October 10, 2025
Union Bank Strengthens Media Ties at Informal Mixer Event

Union Bank Strengthens Media Ties at Informal Mixer Event

October 9, 2025

The judge also directed the publication of the interim forfeiture order in any national newspaper, for anyone interested in the monies, to appear before the court and show cause within 14 days why the final order of forfeiture of the said monies should not be made.

The EFCC filed and moved the application through its counsel C. C. Okezie, who supported the motion with a 21-paragraph affidavit, deposed to by an EFCC investigator, Michael Idoko.

Justice Aluko, after hearing Okezie, held: “I have considered the application. I have examined the affidavit in support, the written address and the exhibits attached. The application has merit and same is hereby granted.”

The judge adjourned till October 9, for further hearing on the application.

In the affidavit, the deponent stated, among others, that: “The Commission on the 26th of March 2024, received a petition from First Bank of Nigeria (FBN) alleging fraudulent transactions in various bank accounts within and outside FBN, and that investigation revealed that Muiz Tijani Adeyinka (MTA) was a staff of FBN.

“That he is attached to the settlement office of the bank and by virtue of his office, had the capacity to carry out some inalienable access available only to the settlement office. And that the said Muiz Tijani Adeyinka manipulated the settlement accounts by creating fictitious domiciliary inflows and he immediately transferred the naira equivalent to himself and his cronies.

“Investigation has thus far revealed and traced the sum of N35 billion being benefitted by the said Muiz Tijani Adeyinka and his cronies. And that the modus operandi is that, after the manipulation, and in a bid to conceal and disguise the said fraudulent proceeds derived, he laundered same by purchasing US dollars and USDT. And that the said proceeds were traced to his personal dollar account and crypto wallet accounts.”

According to the deponent, Adeyinka, in a bid to launder the funds incorporated a company Golden Sieve Motors Limited and used the fraudulent proceeds to purchase and import exotic vehicles and warehoused them under the company and car stand Golden Sieve Motors Limited.

“Part of the unsold exotic vehicles were recovered in the course of the investigation. A total number of 28 vehicles were recovered by the applicant at the car stand Golden Sieve Motors Limited. A forfeiture order on the said vehicles was sought and granted by Honourable Justice Faji.

“Investigation also revealed that MTA maintains 62 different bank accounts while his syndicates, Mafiotan Oladipupo Olumuyiwa, the MD/CEO of Molafax Limited, Anwuli Daniel Chukwuebuka, MD/CEO of Danhypro Services Ltd and Chimebere Igboecheonwu maintains 30, 59 and 17 different accounts respectively with several banks,” Idoko added.

Continuing, he alleged that “Adeyinka transferred these monies directly from the FBN settlement’s account to his syndicates’ accounts with details: Molafax Limited FBN account no. 2042463159, Danhypro Services Ltd FBN account no. 2042517375 as well as Clinton Chimebere Igboecheonwu FBN account no. 3159854377. And that the narrations of these transactions usually reads; Unified Payments, IC Markets, Bamboo, Riseves Trade, Chaka and Flutterwave.

“That these syndicates both directly and through the use of other proxies transferred these monies back to the principal suspect either by the purchase of Dollars and USDT equivalent which was sent to his Domiciliary accounts and wallets, and also transferring to his accounts and his wife Tijani Hawaw Olaitan’s account.”

ShareTweetSendShareShare
Previous Post

Speaker Obasa Congratulates Senator Adefuye At 80

Next Post

FORENSIC AUDIT OF MINING SECTOR UNDERWAY – ALAKE

Related Posts

Viewpoint: Between Lere Olayinka and Rufai Oseni, By Bolanle BOLAWOLE
Media and Press

Viewpoint: How Journalists Can get the Best from a Subject in an Interview By Adewale Adeoye

October 10, 2025
Union Bank Strengthens Media Ties at Informal Mixer Event
BANKING

Union Bank Strengthens Media Ties at Informal Mixer Event

October 9, 2025
TINUBU ACCEPTS INEC CHAIRMAN’S DEPARTURE, BESTOWS NATIONAL HONOUR ON HIM
News

TINUBU ACCEPTS INEC CHAIRMAN’S DEPARTURE, BESTOWS NATIONAL HONOUR ON HIM

October 7, 2025
Yakubu Concludes Tenure, Hands Over to Agbamuche-Mbu as INEC’s Acting Chairman
News

Yakubu Concludes Tenure, Hands Over to Agbamuche-Mbu as INEC’s Acting Chairman

October 7, 2025
NDLEA Smashes Cocaine Cartels Behind 6 UK-bound Shipments, Arrests Arrowhead
News

NDLEA Smashes Cocaine Cartels Behind 6 UK-bound Shipments, Arrests Arrowhead

October 5, 2025
No More Account Maintenance Fees, Says Sterling Bank to Nigerians on Independence Day
BANKING

No More Account Maintenance Fees, Says Sterling Bank to Nigerians on Independence Day

October 1, 2025
Next Post

FORENSIC AUDIT OF MINING SECTOR UNDERWAY – ALAKE

RECOMMENDED NEWS

JUNE 12: GROUP TO HONOUR TINUBU, ENAHORO, BEKO, UBANI, OTHERS

2 years ago

NDLEA Burns1.8 tons of cocaine, as Marwa Promises Drug Cartel Tough Time

3 years ago

BAUCHI GOVERNOR HAILS JULIUS  BERGER AS THE BEST CONSTRUCTION COMPANY IN NIGERIA

4 years ago
Speaker Obasa Felicitates Remi Tinubu at 65, Hails ‘Renewed Hope Initiative’ Impact

Speaker Obasa Felicitates Remi Tinubu at 65, Hails ‘Renewed Hope Initiative’ Impact

3 weeks ago

FOLLOW US

ADVERTISEMENT
ADVERTISEMENT

POPULAR NEWS

  • NATIONAL COUNCIL OF STATE UNANIMOUSLY APPROVES APPOINTMENT  AMUPITAN AS INEC CHAIRMAN

    NATIONAL COUNCIL OF STATE UNANIMOUSLY APPROVES APPOINTMENT  AMUPITAN AS INEC CHAIRMAN

    0 shares
    Share 0 Tweet 0
  • South Rejected Tinubu in 2023, North and South Will Reject Him in 2027 — Gbenga Hashim’s Group

    0 shares
    Share 0 Tweet 0
  • TINUBU ACCEPTS INEC CHAIRMAN’S DEPARTURE, BESTOWS NATIONAL HONOUR ON HIM

    0 shares
    Share 0 Tweet 0
  • TINUBU PARDONS HERBERT MACAULAY, VATSA, LAWAN, GRANTS CLEMENCY TO 82 INMATES

    0 shares
    Share 0 Tweet 0
  • TINUBU ACCEPTS RESIGNATION OF GEOFFREY NNAJI AS MINISTER

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
Newsroom Nigeria

The NEWSROOM NIGERIA is an independent, liberal on – line news platform committed to the right of the individual to pursue his economic happiness, without undue interference of the state. It shall promote the rights of the individual; right to freedom of worship and conscience, and to hold opinions and impact same without hindrance, subject to such laws are as consistent with the constitution and necessary for the protection of the rights of others.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.