LAGOS MAY 2ND (NEWSRANGERS)-In an astonishing turn of events, First Bank, one of Nigeria’s financial giants with a market capitalisation of ₦829 billion, has been rocked by a colossal fraud scandal. An employee from their head office in Iganmu, Lagos, stands accused of siphoning off an eye-watering ₦40 billion ($29 million) over nearly two years. This daring heist, allegedly masterminded by Tijani Muiz Adeyinka, involved funnelling the massive sum into 98 bank accounts, including one belonging to his wife.
The shocking discovery has prompted First Bank to take immediate legal action. The bank alerted the Nigerian Police Force on March 25, 2024, and swiftly secured court orders to freeze hundreds of accounts implicated in the fraud. What started as a suspected ₦12 billion theft ballooned to a staggering ₦40 billion upon deeper investigation.
Muiz, a manager on the electronic products team, wielded significant authority over customer reversals and merchant account credits. Exploiting this power, he allegedly rerouted funds without needing further approvals, flying under the radar until a customer complaint triggered an internal probe. This complaint uncovered a web of suspicious transactions, exposing the extensive fraud.
As the bank scrambles to recover the stolen funds, it has called on the Lagos State Commissioner of Police to spearhead the investigation and capture those involved. Despite multiple outreach attempts, both First Bank and the Nigerian Police Force have remained tight-lipped, while the Economic and Financial Crimes Commission (EFCC) has also stayed silent.
The intricate fraud scheme saw Muiz’s wife’s Zenith Bank account as a key conduit, with transfers splintering into 1,190 accounts across various banks. Details in court documents remain sparse on the exact amount stolen, but the urgency to unravel the full extent of the fraud is palpable.
Fraud remains a persistent menace in Nigeria’s financial sector, despite a reported dip in cases earlier this year. High-profile losses, such as Access Bank’s ₦6.15 billion and Fidelity Bank’s ₦2.5 billion in 2023, highlight the ongoing battle against financial crimes.
First Bank’s recovery efforts have led to court orders blocking accounts tied to the fraud, including those used to purchase stablecoins from crypto traders. These traders, now ensnared in legal disputes, maintain their innocence, claiming they were unaware the funds were illicit.
This high-stakes saga continues to unfold, with authorities and First Bank working tirelessly to trace and reclaim the diverted billions. Stay tuned as more details emerge in this riveting financial thriller.
TechCabal
For advert placement, events coverage, public relation consultancy, media placement and further inquiries please WhatsApp 2348023773039 or email: labakevwe@yahoo.com
Leave a Reply