First Bank manager accused of diverting $29m on the run
A staff member of First Bank Nigeria Plc, Tijani Muiz Adeyinka, is currently on the run after being accused of diverting $29 million (N829 billion) into private accounts, including one belonging to his wife.
Muiz, who worked at the Iganmu branch of the bank, allegedly conducted the fraudulent activities over a period of approximately two years.
The scandal has sent shockwaves through the bank as it grapples with meeting the recapitalisation requirements set by the Central Bank of Nigeria (CBN).
Initially reported as N12 billion, the total amount of the fraud has since ballooned to N40 billion following a thorough investigation by the bank.
Muiz, a manager in the Electric Products team, is said to have misused his authority to process customer reversals by diverting funds into accounts under his control.
The scheme remained undetected until a customer complaint triggered an internal probe, leading to the discovery of numerous suspicious transactions.
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First Bank promptly reported the incident to the Nigerian Police Force on March 25, 2024, and subsequently obtained court orders between April 4 and April 8, 2024, to freeze hundreds of implicated accounts as part of the ongoing investigation.
Investigations have revealed that Muiz directed stolen funds to his wife’s Zenith Bank account, which were then transferred to 34 other accounts and further disbursed to 1,190 additional accounts across various banks. This intricate network has complicated efforts to recover the misappropriated funds.
The total amount stolen has not been disclosed by First Bank, but the severity of the situation highlights the persistent threat of fraud in Nigeria’s financial sector.
Some of the diverted funds were reportedly used to purchase the stablecoin USDT from cryptocurrency traders, leading to legal disputes affecting the traders’ accounts.
In a letter dated May 10, 2024, First Bank officially requested a thorough investigation by the Lagos State Commissioner of Police to apprehend all parties involved and ensure justice is served.
The investigation remains ongoing as authorities strive to unravel the full scope of the fraudulent activities and recover the embezzled funds.