Connect with us
First Bank Employee Absconds After Allegedly Diverting ₦40 billion

First Bank Employee Absconds After Allegedly Diverting ₦40 billion

More Videos

Published

on

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.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading
Click to comment

Leave a ReplyCancel reply

Sports

Romelu Lukaku Joins Fenerbahçe from Napoli in €6m Transfer

Published

on

Romelu Lukaku Joins Fenerbahçe from Napoli in €6m Transfer—-The Belgian striker has completed his move to Turkey after Napoli agreed to sell him to Fenerbahçe for a reported €6 million plus bonuses, bringing his two-year spell in Italy to an end.

Romelu Lukaku has completed his transfer from Napoli to Turkish giants Fenerbahçe, ending his time in Serie A after the two clubs reached an agreement for the Belgian striker.

The 33-year-old has joined the Istanbul club in a permanent transfer, with Italian media reporting that Fenerbahçe will pay around €6 million, with additional performance-related bonuses potentially increasing the value of the deal. Neither club formally disclosed the financial details of the transfer.

Lukaku’s departure brings an end to a two-year spell with Napoli, where he played an important role in the club’s domestic success. The Belgian joined the Italian side from Chelsea in 2024 and went on to help Napoli secure the Serie A title during the 2024–25 campaign.

His time in Naples was ultimately disrupted by fitness problems during his final season. Lukaku made only seven appearances during the injury-affected campaign, limiting his opportunities before the decision was eventually taken to move him on.

Despite those difficulties, Lukaku leaves Napoli with a league title on his résumé and a reputation as one of Europe’s most experienced centre-forwards. His physical presence, finishing ability and extensive experience at the highest level made him an attractive target for Fenerbahçe as the Turkish club looked to strengthen its attack.

The move also represents a return to Turkey for Lukaku, who has a personal connection to the country. His father, former professional footballer Roger Lukaku, played for Gençlerbirliği in Ankara, meaning the Belgian spent part of his childhood in Turkey. Lukaku described his return as an emotional moment as he begins a new chapter with Fenerbahçe.

Fenerbahçe finished second in the Turkish league last season and are looking to close the gap on their rivals while competing for major honours. Lukaku’s arrival gives the club an experienced attacking option capable of leading the line and providing a significant presence in the final third.

The Belgian international also arrives after featuring at the 2026 FIFA World Cup. Despite Belgium’s eventual exit in the quarter-finals, Lukaku scored three goals during the tournament, demonstrating that he remains capable of making an impact on the international stage.

Before joining Napoli, Lukaku enjoyed successful spells at clubs including Everton, Manchester United, Inter Milan and Chelsea. His most productive period came at Inter, where he helped the Italian side win the Serie A title in 2020–21 before returning to Chelsea.

His move to Fenerbahçe now gives the veteran striker another opportunity to write a new chapter in his career. For Napoli, the transfer allows the club to move on from a player whose final season was heavily affected by injuries, while Fenerbahçe gain an experienced forward as they pursue domestic and European ambitions.

Lukaku’s arrival is expected to generate significant excitement among Fenerbahçe supporters, who will hope the Belgian can rediscover his best form and provide the goals needed to challenge for silverware in Turkey.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading

News

Fletcher Hails Senator Yayi’s 56th Birthday, Applauds His Commitment to Good Governance

Published

on

Fletcher Hails Senator Yayi’s 56th Birthday, Applauds His Commitment to Good Governance—-The President of the Association of Professional Food Service Providers of Nigeria (APFSN) , Managing Director, OfadaBoy Restaurant, a professional food service company, convener Ofada Rice Day and Co-Convener of Yayi Forward, Mr. Oluwatobi Fletcher (Ofadaboy), has felicitated with the Senator representing Ogun West Senatorial District, Senator Solomon Olamilekan Adeola, on his birthday.

Fletcher, who is an indigene of Ofada town in Obafemi Owode local Government in Ogun State, described Senator Adeola as a committed public servant whose political journey and contributions to legislative development have continued to make a significant impact on the people of Ogun State and Nigeria.

In a birthday message, Fletcher commended the Senator for his dedication to public service, describing his leadership style as one anchored on grassroots engagement, purposeful representation and commitment to the welfare and development of his constituents.

According to Fletcher, Senator Adeola’s contributions to the development of Ogun West and his broader efforts in supporting initiatives that promote economic growth, empowerment and improved opportunities for the people deserve recognition and commendation.

“Today, we celebrate not just a politician, but a leader whose journey reflects resilience, dedication and a deep commitment to public service. Senator Solomon Adeola has demonstrated that leadership is ultimately about the people and the positive impact one can make in their lives.

“On behalf of APFSN, Yayi Forward and myself, I wish our distinguished Senator a very happy birthday. May God continue to grant him wisdom, good health, strength and the courage to continue serving our people and contributing to the development of our dear nation,” Fletcher said.

The APFSN President further expressed confidence that Senator Adeola would continue to provide purposeful leadership and contribute meaningfully to the socio-economic development of Ogun State and Nigeria.

He prayed for many more years of good health, fulfilment, greater accomplishments and continued relevance in public service.

“Happy Birthday, Distinguished Senator Solomon Olamilekan Adeola. May your new age usher in greater opportunities, renewed strength and even greater impact in the service of humanity,” Fletcher added.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading

Trending

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares