Court Orders Forfeiture of Ikoyi Property, N35bn Traceable to Ex-First Bank Staff, Adeyinka

A Federal High Court in Ikoyi, Lagos has ordered final forfeiture of over N35 billion assets and property linked to Muiz Tijani Adeyinka, a former First Bank of Nigeria (FBN) staff, in a massive fraud scheme uncovered by the Economic and Financial Crimes Commission (EFCC).

Justice A.O. Owoeye made the order after granting application by the EFCC, tracking the funds and assets to Adeyinka and his associates.

The court held that the EFCC had sufficiently demonstrated that the assets forfeited were proceeds of unlawful activities, thereby granting the agency’s request for final forfeiture to the Federal Government.

Investigations further revealed that Adeyinka, while in his First Bank capacity, orchestrated a sophisticated fraud by conspiring to fake settlement accounts to create bogus foreign currency inflows. He further converted the same into naira and diverted the equivalent amounts for personal use and for the benefit of co-conspirators.

In an effort to obscure the movement of the funds, Adeyinka carried out complicated money laundering processes. He purchased huge quantities of U.S. dollars and other digital currencies like the stablecoin Tether (USDT) and channeled them into various individual digital and bank wallets.

The amount of forfeiture ordered consists of immense financial resources as well as property assets, such as:
\t•\tN1,168,602,877.44
\t•\t$392,818.01
\t•\t£35,070
\t•\tProperties in Ikoyi, Lagos

Earlier, the EFCC had gotten an order of interim forfeiture on November 27, 2024. According to law, the notice was also published in a national daily to invite any interested party to oppose the seizure.

There was no reasonable opposition raised, and this paved the way for the final forfeiture order.

This is a significant win in Nigeria’s ongoing battle against financial crimes. It also demonstrates the resolve of the EFCC to pursue and recover looted assets. The agency continues to be proactive in pursuing high-profile cases, including recent actions against former Central Bank Governor Godwin Emefiele and other government and private sector players.

EFCC spokesmen averred that the successful prosecution of the Adeyinka case would act as a deterrent to others in the financial services sector who may be tempted to abuse their position of trust.