A Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of over N1.1 billion, $392,818, and £35,070 recovered from Muiz Tijani Adeyinka, a former First Bank of Nigeria employee, to the Federal Government.
Justice A.O. Owoeye issued this ruling following a motion supported by an affidavit from EFCC investigator Isah Yusuf Nadabo.
The court had previously mandated an interim forfeiture on November 27, 2024, and required the order’s publication in a national newspaper, inviting interested parties to contest the forfeiture.
On February 3, 2025, EFCC counsel Zeenat Atiku detailed that Adeyinka, formerly attached to First Bank’s Settlement Office, exploited his exclusive access to manipulate settlement accounts.
He allegedly created fictitious domiciliary inflows, converting them into naira and transferring the funds to himself and associates.
To conceal these illicit proceeds, Adeyinka reportedly laundered the funds by purchasing U.S. dollars and Tether cryptocurrency, with the proceeds traced to his personal dollar account and crypto wallets.
Following the publication of the interim forfeiture order on December 5, 2024, and considering the EFCC’s application, Justice Owoeye granted the final forfeiture, declaring the application meritorious.
