First Bank Employee Absconds After Allegedly Diverting ₦40 billion

Published

2 years ago

May 31, 2024

thecloudngr

First Bank Employee Absconds After Allegedly Diverting ₦40 billion—First Bank, a Nigerian tier-one lender has begun legal action to recover “huge sums of money” allegedly diverted by an employee at a head office team in Iganmu, Lagos.

The employee, now on the run, allegedly diverted those funds to 98 bank accounts classified as first beneficiaries, including his wife’s.

The bank reported the incident to the Nigerian Police Force on March 25, 2024, and obtained three court orders between April 4–8, 2024 to block hundreds of bank accounts believed to have received the stolen funds.

Three people with direct knowledge of the incident told TechCabal that while the initial amount discovered to be diverted was around ₦12 billion, it now stands at around ₦40 billion ($29 million).

As a manager on the electronic products team at First Bank, the employee, identified by court documents as Tijani Muiz Adeyinka was authorised to process reversals for customers, said one First Bank employee with knowledge of the matter. It meant he controlled an account with which he processed those reversals and could credit merchant accounts.

Muiz allegedly used that authority to instead credit customer reversal requests to a merchant he controlled. 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.

His scheme was eventually discovered when a customer made a complaint that was eventually escalated to the bank’s internal control unit. The control unit discovered several suspicious transactions and reported to the police.

“We hereby bring to your notice the discovery of fraudulent transactions into various transactions within and outside the bank and request your good offices to set up the machinery of investigation in place with a view to unravel the circumstances surrounding the said fraud and get the culprits apprehending to face the wrath of the law,” read a letter dated May 10, 2024, from First bank to the Lagos State Commissioner of Police.

“I discovered that one Muiz Tijani Adeyinka, a former staff of First Bank was involved in the nefarious posting of fraudulent transactions,” read a statement from the investigating Police officer in charge of the case signed March 26, 2024.

“It was discovered that he made some fraudulent transactions to his wife’s account number (name withheld) domiciled with Zenith Bank, which in turn transferred to other beneficiaries totaling thirty-four accounts which also gave birth to second beneficiaries domiciled with other banks totaling 1,190 accounts,” the statement added.

First Bank obtained an order on April 8 to block the bank accounts of the first and second beneficiaries of the illegally obtained funds from a Federal High Court in Lagos. The bank also obtained additional orders dated April 8 and May 5 from a Jalingo and a Lagos high court to block additional accounts believed to be involved in the incident.

thecloudngr

0Shares

News

UBA Plc, CEO Alawuba, Others Face Criminal Charges Over Osun LG Accounts

Published

5 hours ago

January 12, 2026

thecloudngr

UBA Plc, CEO Alawuba, Others Face Criminal Charges Over Osun LG Accounts—-Osun State government has initiated a criminal charge against United Bank for Africa (UBA) its Chief Executive Officer (CEO) Mr. Oliver Alawuba, the bank’s Secretary and Group Legal Adviser, Mr. Billy Odum, and Mr. Chukwuma Nweke, the bank’s Deputy Managing Director, before an Osogbo Chief Magistrate’s Court, Osun State capital, over the state’s local government funds.

UBA Plc and its officials are charged on an alleged 31 count-charge of infractions involving opening of bank accounts for the state’s 30 local government councils, in a marked MOS/601c/2025.

In the count One, Osun State government alleged that the UBA Plc and its officials on or about December 9, 2025, and on subsequent days, at UBA’s Osun State branch office located in the Olonkoro Area of Osogbo, conspired to commit felony by opening, operating and maintaining what it described as illegal Osun State Local Government Council accounts.

They were specifically accused of allowing the opening, operation and maintenance of accounts for each of the local government councils “by unknown private individuals as signatories” after the Local Government Service Commission had introduced to the defendants, Directors of Administration and General Services, and Directors of Finance of all the local governments as signatories to the councils’ statutory accounts.

Court documents indicate that the remaining counts similarly relate to the alleged opening and operation of accounts connected to all the 30 local government councils in Osun State, actions which the state government contended were carried out unlawfully.

The alleged offence, according to the charge occurred within the Osogbo Magisterial District and is said to be contrary to and punishable under Section 516 of the Criminal Code, Cap 34, Volume 2, Laws of Osun State of Nigeria, 2002. And Sections 2 and 3 (1) and (2), and punishable under section 5(1) and (2) of Osun State Local Government Accounts Administration Law, 2025.”

At the last hearing of the charge, the Chief Magistrate, A. A. Adeyeba, ordered that the defendants be served by their various email addresses and other means of substituted service.

The matter was subsequently adjourned to January 30, 2026, for hearing.

At the time of filing this report, no plea had been taken from the defendants, and UBA had yet to issue an official public response to the charges.

The case is expected to attract significant public and legal interest, given its implications for local government finances and the involvement of one of Nigeria’s major commercial banks.

Additionally report from VANGUARD

thecloudngr

0Shares

Sports

BREAKING: Victor Osimhen Stars As Nigeria Beat Algeria To Set Up Morocco Semi-Final Clash

Published

2 days ago

January 10, 2026

thecloudngr

BREAKING: Victor Osimhen Stars As Nigeria Beat Algeria To Set Up Morocco Semi-Final Clash—-The Super Eagles of Nigeria have qualified for the semi-final of the ongoing Africa Cup of Nations in Morocco.

The Super Eagles pulled off a stunning display to beat Algeria 2-0 in their quarter-final clash on Saturday evening, to book their spot.

Eric Chelle’s men dominated the Desert Foxes for most of the first half, but failed to find the back of the net.

The closest Nigeria came to opening the scoring, came when Calvin Bassey’s effort was cleared off the line.

But in the second half, Victor Osimhen headed in Bruno Onyemaechi’s cross, before setting up Akor Adams for the second goal.

The three-time African champions will now clash with the hosts Morocco for a place in the final.

thecloudngr