The Federal High Court in Ikoyi, Lagos, on Thursday ordered the final forfeiture of seven landed properties linked to a former staff member of First Bank Nigeria (FBN), Muiz Adeyinka, to the Federal Government of Nigeria.
In a statement released by the Economic and Financial Crimes Commission (EFCC), the commission revealed that the properties are suspected to be proceeds of a large-scale fraud allegedly perpetrated by Mr. Adeyinka while working at the bank’s settlement office. Investigations indicate that Adeyinka and his associates fraudulently diverted up to ₦35 billion.
According to the EFCC, the forfeited properties include parcels of land and residential apartments, mostly located in prime areas within the Epe and Ibeju-Lekki corridors of Lagos State. One of the properties is situated in the Federal Capital Territory (FCT), Abuja.
How the Court Reached Its Decision
Justice Dehinde Dipeolu granted the final forfeiture order following an application by the EFCC. This followed an earlier interim forfeiture order, which mandated that a public notice be placed in a national newspaper inviting anyone with interest in the properties to show cause within 14 days why the assets should not be permanently forfeited.
When the case resumed on Thursday, EFCC counsel Zeenat Atiku informed the court that no objections were received during the window period. She argued that the properties were reasonably suspected to have been acquired with proceeds of unlawful activities.
In an affidavit supporting the application, EFCC operative Isah Yusuf Nadabo stated that Mr. Adeyinka abused his privileged access at the bank to carry out illegal, unauthorized, and fraudulent transactions.
“Investigations traced about ₦35 billion to Muiz Tijani Adeyinka and his cronies,” the EFCC official said.
Justice Dipeolu ruled in favor of the EFCC, declaring that the commission’s application was meritorious and subsequently ordered the final forfeiture of the properties to the Federal Government.
List of Forfeited Properties
Lagos State:
- Plot 9, Block 28, Itunu City, Veritas Homes & Properties Ltd., Aiyetoro, Epe
- Block A, Floor 6, Flat 2, Le Moriah Residences Estate, Off Kusenla Road, Ikate, Lekki Peninsula, Eti-Osa LGA
- Block L1, Plot 13, Amen Estate Phase III Extension, Abomiti Zone, Lekki-Epe Expressway, Epe LGA
- Block 3, Plot 13, Arizon Estate, Idera Scheme Allocation, via Eleko Junction, Ibeju-Lekki LGA
- One plot of land in Arizon Estate, Idera Scheme, Ibeju-Lekki LGA
- One plot within Itunu Residential, Aiyetoro, Ibeju-Lekki LGA
- Plot 7, Block 4, Itunu City, Veritas Homes & Properties Ltd., Aiyetoro, Epe LGA
- Block Q, Plot 25, Tiara by Amen City Ltd., along Lekki-Epe Expressway, Yeguda Resettlement Scheme
Abuja:
- Plot 1, Ido Gwari 2 Extension, Ochacho Real Homes, Life Camp, FCT
These properties, according to the EFCC, will eventually be transferred to First Bank of Nigeria.
Earlier Forfeiture
In February, another judge of the Federal High Court, Justice Alexander Owoeye, had ordered the final forfeiture of additional assets recovered from Mr. Adeyinka, including ₦1.17 billion, £35,070, and $392,818.
EFCC’s counsel, Ms. Atiku, revealed that the investigation began after the commission received a petition from First Bank in March 2024, alleging fraudulent internal transactions.
The probe uncovered a sophisticated scheme in which Mr. Adeyinka allegedly created fictitious domiciliary inflows and immediately transferred the naira equivalents to himself and his associates. The funds were allegedly laundered through the purchase of U.S. dollars and digital currencies.
Shell Companies and Further Allegations
Ms. Atiku also informed the court that Mr. Adeyinka is the managing director and CEO of Golden Sieve Logistics Ltd., Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd. — all registered with the Corporate Affairs Commission — believed to be used as fronts in the laundering scheme.
Declared Wanted
In June 2024, the Nigeria Police declared Mr. Adeyinka wanted over allegations of diverting ₦40 billion from various customer accounts. He is also accused of laundering the stolen funds through both foreign and digital currency purchases.
