A Federal High Court in Ikoyi, Lagos, has ordered the permanent forfeiture of seven properties traced to a former First Bank employee, Muiz Tijani Adeyinka, after investigations linked him to a massive N35 billion fraud scheme.
Presiding Judge, Justice Dehinde Dipeolu delivered the ruling following a final forfeiture application brought by the Economic and Financial Crimes Commission (EFCC).
The court had earlier granted an interim forfeiture order and directed that it be published in a national newspaper, inviting anyone with interest in the properties to contest the order. None did.
The forfeited properties span prime real estate locations in Lagos and Abuja, including plots and apartments in Lekki Peninsula, Epe, Ibeju-Lekki, and LifeCamp in Abuja.
Among them are plots in Amen Estate, Itunu City, and Le Moriah Residences all linked to Adeyinka, who previously worked in the settlement office of First Bank, a position that granted him privileged internal access.
According to court documents, EFCC operative Isah Yusuf Nadabo, in a supporting affidavit, revealed that Adeyinka exploited his role to carry out unauthorized and fraudulent activities that defrauded the bank.
The commission alleged that over N35 billion was siphoned by Adeyinka and his accomplices.
EFCC’s counsel Zeenat Atiku, emphasized during proceedings that the properties were reasonably suspected to be proceeds of crime, as no individual or entity came forward within the stipulated 14-day period to lay claim or justify legitimate ownership.
Convinced by the EFCC’s submission, Justice Dipeolu ruled in favor of the prosecution, declaring that the agency had successfully established a basis for the final forfeiture of the assets to the Federal Government of Nigeria.
This ruling marks another major stride in the EFCC’s ongoing crackdown on financial crimes within the banking sector, reinforcing the agency’s resolve to track and recover stolen funds hidden in property acquisitions.
