A Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of the sums of N1,168,602,877.44 (One Billion, One Hundred and Sixty-Eight Million, Six Hundred and Two Thousand, Eight Hundred and Seventy-Seven Naira, Forty-Four Kobo), $392,818.01 (Three Hundred and Ninety-Two Thousand, Eight Hundred and Eighteen United States Dollars, One Cent), and £35,070 (Thirty-Five Thousand, Seventy Pounds Sterling) recovered from Muiz Tijani Adeyinka, a former employee of First Bank of Nigeria (FBN), to the Federal Government of Nigeria (FGN).
Justice A.O. Owoeye gave the order following a motion on notice for the final forfeiture order, which was supported by an affidavit deposed to by Isah Yusuf Nadabo, an investigator with the Economic and Financial Crimes Commission (EFCC).
The judge had earlier, on November 27, 2024, ordered the interim forfeiture of the funds and directed that the order be published in a national newspaper for any interested party to show cause why the various sums of money should not be permanently forfeited to the Federal Government.
Moving the application for the final forfeiture on Monday, February 3, 2025, EFCC counsel Zeenat Atiku stated:
“The Commission, on March 26, 2024, received a petition from First Bank of Nigeria (FBN) alleging fraudulent transactions in various bank accounts within and outside First Bank of Nigeria Plc.
“Investigation revealed that Muiz Tijani Adeyinka, who is the principal suspect, is a former staff member of First Bank Nigeria Plc. He is also the MD/CEO of Golden Sieve Logistics Ltd., Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., all duly incorporated with the Corporate Affairs Commission (CAC).
“He was attached to the Settlement Office of the bank and, by virtue of his position, had exclusive access to certain financial operations available only to that office.”
According to Atiku, Adeyinka manipulated the bank’s settlement accounts by creating fictitious domiciliary inflows, which he immediately converted into naira equivalents and transferred to himself and his associates.
She added:
“In a bid to conceal and disguise the fraudulent proceeds, he laundered the funds by purchasing U.S. Dollars and USDT (Tether cryptocurrency).
“The said proceeds were traced to his personal dollar account and crypto wallet accounts.”
Atiku further submitted that the interim forfeiture order had been published in The Punch newspaper on December 5, 2024, in compliance with the court’s directive.
After reviewing the EFCC’s application, Justice Owoeye granted the request and ruled:
“I have considered the application. I have examined the affidavit in support, the written address, and the publication attached. The application has merit and is hereby granted.”

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