First Bank, a leading Nigerian bank, pursues legal action to recover ₦40 billion allegedly misappropriated by an employee. The employee, now on the run, diverted funds over nearly two years, prompting an internal investigation and subsequent police involvement.
First Bank, one of Nigeria's leading banks has launched legal proceedings to recover allegedly misappropriated funds amounting to ₦40 billion by one of its employees. The employee in question, Tijani Muiz Adeyinka, who held a managerial position on the electronic products team, is reported to have diverted funds over almost two years. This scheme came to light when a customer complaint prompted an internal investigation by the bank's control unit, leading to the discovery of suspicious transactions.
The bank promptly reported the incident to the Nigerian Police Force on March 25, 2024, and obtained court orders between April 4-8, 2024, to freeze hundreds of bank accounts suspected to have received the stolen funds. While initially estimated at ₦12 billion, the amount diverted has since escalated to ₦40 billion, as revealed by sources familiar with the matter.
Reactions from the public underscore the severity of the situation, with concerns raised about the integrity of financial institutions and the need for adequate remuneration for staff in the sector. Many express shock and disbelief at the scale of the fraud, while others emphasize the importance of robust oversight and accountability measures within the banking industry
As investigations continue and legal proceedings unfold, stakeholders await further developments in this high-profile case, which has sent shockwaves through the Nigerian banking community.
Source: TechCabal
