Court orders forfeiture of properties linked to ex-First Bank staff over alleged ₦35bn fraud
The Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of seven real estate assets linked to Muiz Tijani Adeyinka, a former employee of First Bank Nigeria Plc, to the Federal Government over alleged financial crimes.
Justice Dehinde Dipeolu gave the ruling on Thursday, April 10, 2025, following an application by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). The commission was represented by counsel Zeenat Atiku.
The forfeited properties include:
- Plot 9, Block 28, Itunu City, Veritas Homes & Properties Ltd., Aiyetoro, Epe, Lagos State
- A 3-bedroom apartment at Block A, Floor 6, Flat 2, Le Moriah Residences Estate, Off Kusenla Road, Ikate, Lekki Peninsula, Lagos
- Block L1, Plot 13, Amen Estate Phase III Extension, Abomiti Zone, Lekki/Epe Expressway, Epe
- Block 3, Plot 13, Arizon Estate, Idera Scheme, Ibeju-Lekki
- A plot of land within Arizon Estate, Ibeju-Lekki
- Plot 7, Block 4, Itunu City, Veritas Homes & Properties Ltd., Epe
- Plot 1, Ido Gwari 2 Extension, Ochacho Real Homes, Life Camp, Abuja
- Block Q, Plot 25, Tiara by Amen City Ltd., Epe, Lagos
The court had previously granted an interim forfeiture order and instructed the EFCC to publicize it in a national newspaper, inviting any objections from interested parties within a 14-day window. No opposition was filed during this period.
In moving the motion for final forfeiture, EFCC counsel Atiku presented an affidavit sworn by EFCC operative Isah Yusuf Nadabo. The document revealed that Tijani, during his tenure in the bank’s settlement office, exploited privileged system access to perpetrate unauthorized transactions.
The agency’s investigation allegedly uncovered over ₦35 billion linked to Tijani and his associates.
The EFCC argued that the seized properties were acquired through proceeds of fraudulent activities.
Justice Dipeolu, in his ruling, agreed with the commission’s arguments and granted the final forfeiture of the properties to the Federal Government.
