Connect with us

Featured

First Bank employee on the run after stealing $29m

Published

on

A First Bank employee, Tijani Muiz Adeyinka, is on the run after allegedly diverting ₦40 billion (approximately $29 million) from the bank.

The employee, who worked in the electronic products team at the bank’s head office in Lagos, allegedly used his authority to process reversals for customers to credit a merchant account he controlled.

The fraud was discovered after a customer complaint was escalated to the bank’s internal control unit, which found several suspicious transactions. The bank 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.

The employee allegedly used the diverted funds to credit his wife’s account and other beneficiaries, totaling 98 bank accounts. The bank has begun legal action to recover the stolen funds and has obtained court orders to block the bank accounts of the first and second beneficiaries.

The 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 not commented on the incident, and the Nigerian Police Force and the Economic and Financial Crimes Commission (EFCC) have not responded to requests for comments.


For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Updates

5 African Nations That Have Redesigned Their National Symbols Since 2000

Nigerian Boxer, Isaiah Olugbemi, Shot Dead By Neighbour In US

Nigerian Actor Jim Iyke Searches For Stranger Who Helped Him During Homeless Days

Police Service Commission Asserts Authority Over Recruitment

Senator Enang Mourns Foremost Nigerian Sports Journalist, Iyoho

EDITORIAL: Celebrating The Universal Power Of Music On World Music Day

Naira exchange rate for Friday, June 21, 2024, in Nigeria

WHO Sounds Alarm on Cholera Outbreak, Warns of Widespread Resurgence

Sudan on Brink of Catastrophic Famine as War Worsens, UN Warns

How Venus and Serena Williams Achieved Success, Stardom Through Father’s Determination, Vision

Subscribe to DDM Newsletter for Latest News