In a shocking revelation, Tijani Muiz Adeyinka, a manager in First Bank’s electronic products team, has been implicated in a colossal fraud amounting to N40 billion. The intricate scheme, which spanned two years, involved diverting funds meant for transfer reversals into various personal accounts, including one at Zenith Bank owned by Adeyinka’s wife.
Tijani Muiz Adeyinka, who was responsible for handling transfer reversals at First Bank’s head office in Iganmu, Lagos, exploited his position to siphon funds. Rather than ensuring proper reversals, Adeyinka single-handedly diverted funds to a Zenith Bank account registered to his wife. Over two years, he misappropriated approximately ₦40 billion (around $29 million) by manipulating customer reversal requests.
The bank’s internal protocols, which allowed Adeyinka to finalize transactions without additional oversight, enabled this fraudulent activity to continue undetected. It was only after a persistent customer complaint regarding a non-reversal of funds that the scheme came to light. An internal review by the bank’s control unit revealed numerous suspicious transactions, prompting immediate action.
First Bank, with a market capitalization of ₦829 billion, reported the incident to the Nigerian Police Force on March 25, 2024. The bank quickly obtained multiple court orders to freeze accounts connected to the stolen funds, taking proactive measures to mitigate the financial loss. Between April 4 and April 8, 2024, three court orders were issued, freezing hundreds of accounts suspected of being used to launder the diverted funds.
Court documents indicate that Adeyinka had meticulously planned the fraud, routing the stolen funds through a series of complex transactions. Initially, the funds were transferred to his wife’s account at Zenith Bank, from where they were dispersed across 34 additional accounts. These accounts further distributed the funds to 1,190 other accounts, creating a convoluted network to obscure the money’s origin.
As of now, Tijani Muiz Adeyinka and his wife have absconded, leaving law enforcement agencies in pursuit. In a statement dated May 10, 2024, to the Lagos State Commissioner of Police, First Bank confirmed its collaboration with law enforcement to investigate the fraud and apprehend those involved.
“We hereby bring to your notice the discovery of fraudulent transactions within and outside the bank and request your good offices to set up the machinery of investigation to unravel the circumstances surrounding the said fraud and ensure the culprits face the wrath of the law,” the statement read.
The bank’s decisive actions underscore its commitment to safeguarding customer funds and maintaining financial integrity. As the investigation continues, stakeholders are keenly watching for developments in this high-profile case, which has significant implications for the banking sector in Nigeria.
