Tijani Muiz Adeyinka, the manager responsible for handling transfer reversals at First Bank, stands accused of diverting N40 billion over a two-year period. Instead of ensuring proper reversals, he allegedly diverted funds to a Zenith Bank account owned by his wife.
The fraud was uncovered after a customer raised concerns about a non-reversal of funds. Subsequent investigation revealed that Adeyinka had dispersed the stolen money across 1,190 accounts and invested in cryptocurrency.
Adeyinka and his wife are currently missing. First Bank, with a market capitalization of N829 billion, reported the incident to the Nigerian Police Force on March 25, 2024. Multiple court orders have been obtained to freeze accounts connected to the stolen funds.
According to Tech Cabal, Adeyinka used his position within the bank’s headquarters in Lagos to divert funds by directing customer reversal requests to a merchant account under his control. He took advantage of his ability to finalize transactions without additional approvals.
First Bank has taken legal measures to mitigate the financial loss. Between April 4 and April 8, 2024, three court orders were obtained to freeze hundreds of accounts suspected of receiving the diverted funds.
Court documents indicate that Adeyinka routed funds to his wife’s Zenith Bank account, which then dispersed the money across 34 additional accounts. These accounts subsequently channeled the funds to 1,190 other accounts, creating a complex network of transactions to obscure the origin of the stolen funds.
In a statement to the Lagos State Commissioner of Police dated May 10, 2024, First Bank confirmed its collaboration with law enforcement agencies to uncover the circumstances surrounding the fraud and apprehend all involved individuals.
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