A massive fraud scandal has rocked First Bank of Nigeria, as one of its employees, Tijani Muiz Adeyinka, is now on the run after allegedly diverting a staggering ₦40 billion (approximately $29 million) from the bank. Adeyinka, who worked in the electronic products team at the bank’s head office in Lagos, is accused of using his authority to process reversals for customers and crediting a merchant account under his control.
The fraud was uncovered after a customer complaint was escalated to the bank’s internal control unit, which discovered several suspicious transactions. The bank promptly reported the incident to the Nigerian Police Force on March 25, 2024, and obtained three court orders to block hundreds of bank accounts believed to have received the stolen funds.
Investigations revealed that Adeyinka allegedly used the diverted funds to credit his wife’s account and other beneficiaries, totaling 98 bank accounts. The bank has initiated legal action to recover the stolen funds and has obtained court orders to block the bank accounts of the first and second beneficiaries.
This incident highlights the ongoing issue of fraud in Nigeria’s financial services industry, which affects both banks and fintech startups. Despite a decline in reported cases in Q1 2024, fraud remains a significant concern in the industry. First Bank has yet to comment on the incident, while the Nigerian Police Force and the Economic and Financial Crimes Commission (EFCC) have not responded to requests for comments.
The case is currently under investigation, and efforts are being made to apprehend Adeyinka and recover the stolen funds. This incident serves as a reminder of the need for vigilance and robust internal controls in the financial sector to prevent and detect fraudulent activities.
