By By Muminat Ajide
Tijani Muiz Adeyinka, a former employee of First Bank, is currently on the run after allegedly diverting a staggering N40 billion ($29 million) through fraudulent means. The bank discovered the scheme and reported it to the Nigerian Police Force on March 25, 2024. Subsequently, between April 4-8, 2024, the bank obtained three court orders to block numerous bank accounts suspected of receiving the stolen funds.
Initially estimated at around N12 billion, the amount diverted by Adeyinka has since ballooned to N40 billion, according to sources familiar with the matter.
Adeyinka, who worked as a manager on the electronic products team at First Bank, used his authority to process reversals for customers. Under the guise of processing legitimate transactions, he allegedly diverted funds to a merchant account under his control, as the last line of authorisation on the team, he allegedly did not need any further approvals, it allowed him to carry on diverting customer funds for almost two years without detection
The fraudulent activity came to light when a customer complaint prompted an investigation by the bank’s internal control unit. Subsequent discovery of suspicious transactions led to the involvement of law enforcement agencies. In a letter dated May 10, 2024, First Bank formally requested the intervention of the Lagos State Commissioner of Police to investigate the fraudulent transactions and apprehend those responsible.
Despite repeated attempts by TechCabal to elicit a response from First Bank, the bank remained unresponsive. Similarly, both the Nigerian Police Force and the Economic Financial Crimes Commission (EFCC) declined to comment on the matter.
Court documents revealed that Adeyinka directed stolen funds to various accounts, including his wife’s account with Zenith Bank, which then dispersed funds to multiple beneficiaries across different banks, totaling 1,190 accounts.
First Bank secured court orders to freeze the accounts of both primary and secondary beneficiaries involved in the illicit transactions. Additionally, accounts implicated in the purchase of USDT stablecoin with stolen funds are embroiled in a legal dispute with the bank, leading to restrictions on their accounts.
Despite ongoing investigations and legal actions, First Bank has not disclosed the exact amount stolen or provided details on how the funds were acquired, urging authorities to unravel the circumstances surrounding the fraud.
