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First Bank Employee Absconds After Allegedly Diverting ₦40 billion

First Bank Employee Absconds After Allegedly Diverting ₦40 billion

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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.

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BREAKING: After Historic Osun Victory, Adeleke Backs Tinubu for 2027 Re-Election

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BREAKING: After Historic Osun Victory, Adeleke Backs Tinubu for 2027 Re-Election—-Fresh from securing a second term as Osun governor under the Accord Party, Ademola Adeleke has reaffirmed his support for President Bola Tinubu’s bid for another term in 2027.

Osun State Governor Ademola Adeleke has reaffirmed his support for President Bola Ahmed Tinubu’s bid for re-election in 2027, shortly after securing another four-year term as governor of the state.

Adeleke made the declaration in his victory speech following his successful re-election in the August 15 governorship election, where he contested under the Accord Party after leaving the Peoples Democratic Party (PDP).

The governor’s renewed endorsement of Tinubu adds another significant dimension to his remarkable political journey. Adeleke won his first term as governor in 2022 on the PDP platform but subsequently moved to Accord ahead of the 2026 election, successfully defending his seat as an incumbent under his new party.

Adeleke Praises Tinubu After Election Victory

In his post-election remarks, Adeleke expressed appreciation to President Tinubu, who had called to congratulate him on his victory.

The Osun governor praised the President for what he described as his role in ensuring that democracy continued to thrive, while acknowledging Tinubu’s congratulatory gesture following the election.

Adeleke’s comments represent a notable development given the political rivalry and tensions that characterized the build-up to the Osun election.

Before the poll, the governor had repeatedly called on the Federal Government and security agencies to ensure a free, fair and peaceful election. His campaign also exchanged accusations with the APC over the conduct of the electoral process and the role of federal authorities.

Renewed Support for Tinubu’s 2027 Ambition

Adeleke’s endorsement of Tinubu for 2027 is not entirely new.

The governor had previously declared his support for Tinubu’s re-election campaign before the Osun governorship election. In June, while formally launching his Accord Party re-election campaign, Adeleke described his support for the President as “unshaken and total.”

He again reaffirmed that position after winning the Osun election, emphasizing his continued backing for the President’s second-term ambition. Vanguard and Punch both reported the governor’s renewed endorsement following his victory.

Adeleke also described Tinubu as a son of Osun, further highlighting the personal and political connection he says exists between the President and the state.

Adeleke’s Historic Political Switch

The endorsement comes just days after Adeleke achieved a major political feat by retaining the Osun governorship despite switching parties.

The governor was elected in 2022 as a PDP candidate but later abandoned the party following a prolonged internal crisis. He subsequently joined Accord and secured the party’s ticket to contest the 2026 election.

His decision created considerable political uncertainty because he was defending his position as an incumbent governor without the PDP structure that had originally brought him to power.

Adeleke ultimately overcame the challenge, winning another term under Accord and strengthening his position as one of the country’s most prominent politicians outside the traditional major-party platforms.

Tinubu Congratulates Adeleke

President Tinubu has also congratulated Adeleke on his re-election, describing the result as a reflection of the will of the people.

The President said the outcome demonstrated that democracy continues to flourish in Nigeria and urged the governor to use his renewed mandate to serve the people of Osun State.

The development creates an interesting political dynamic ahead of 2027, with Adeleke now firmly positioned as an Accord governor who is publicly supporting the incumbent President’s re-election bid.

For Adeleke, the immediate priority will be delivering on the mandate he has just received from Osun voters. But his decision to publicly back Tinubu also signals that his political calculations extend beyond the state and into the increasingly important national contest ahead of the 2027 presidential election.

After securing a historic second term under Accord, Adeleke has now turned his attention toward the next political battle — throwing his weight behind Tinubu’s bid to remain President beyond 2027.

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JUST IN: From PDP to Accord, Adeleke Makes History as Incumbent Governor Wins Re-Election in Osun

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JUST IN: From PDP to Accord, Adeleke Makes History as Incumbent Governor Wins Re-Election in Osun—-The Accord Party candidate defeated APC challenger Bola Oyebamiji by 66,252 votes after winning 19 of Osun State’s 30 local government areas.

Jubilation has erupted across Osun State after the Independent National Electoral Commission (INEC) declared incumbent Governor Ademola Adeleke the winner of the 2026 governorship election, securing another four-year term in office.

Adeleke, the candidate of the Accord Party, polled 511,067 votes to defeat his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC), who recorded 444,815 votes. The result gave Adeleke a winning margin of 66,252 votes.

The governor’s victory was formally announced early Sunday at the INEC collation centre in Osogbo by the Returning Officer, Professor Joshua Ogunwole, following the collation of results from the state’s 30 local government areas.

Adeleke won 19 of the 30 local government areas, while Oyebamiji secured victory in the remaining 11, highlighting the closely fought nature of the contest despite the eventual margin in the overall vote tally.

The African Democratic Congress candidate, Najeem Salaam, finished a distant third with 17,180 votes, while the other candidates shared the remaining votes.

Celebrations Break Out

News of Adeleke’s victory triggered celebrations among his supporters across the state, with party loyalists and residents taking to the streets to celebrate his return to the Osun Government House.

One of the most prominent reactions came from Afrobeats superstar Davido, Adeleke’s nephew, who had played an active role in his uncle’s campaign. Shortly after INEC announced the result, Davido posted “WE DID IT UNC!!!” on X alongside a video of himself celebrating the victory.

Davido had served as chairman of the Imole Youth Mobilisation Campaign Council and had been heavily involved in mobilising young voters for his uncle during the campaign.

Adeleke Extends His Stay in Government House

Adeleke’s re-election gives him another four years to pursue his administration’s agenda after first winning the Osun governorship election in 2022.

His victory also represents a significant political achievement for the Accord Party, as the governor successfully defended his position against a strong challenge from the APC.

The election was held across Osun’s 30 local government areas on Saturday, with the final results collated into the early hours of Sunday before INEC made the declaration.

With his victory now officially announced, Adeleke is set to begin another four-year tenure as governor of Osun State, while supporters who gathered to celebrate his success hailed the result as a fresh mandate from the people.

For the opposition APC, the defeat means another setback in its attempt to regain control of the South-West state.

The outcome also brings an end to an intensely contested election that attracted significant attention across Nigeria, with Adeleke ultimately emerging victorious and securing his place at the helm of Osun State for another term.

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