Court orders final forfeiture of landed assets recovered from ex-bank official

The Federal High Court in Ikoyi, Lagos State, on Thursday, ordered the final forfeiture of seven landed assets linked to a former staff member of First Bank Nigeria (FBN) to the federal government.

According to a press statement released by the Economic and Financial Crimes Commission (EFCC) on Thursday, the assets comprised a flat and parcels of land mostly in choice estates in Epe and Ibeju-Lekki areas of Lagos State. Only one of the parcels of land is in the Federal Capital Territory (FCT), Abuja.

The properties are suspected by the EFCC to be proceeds from the alleged fraudulent activities of the former bank official, Muiz Adeyinka.

Mr Adeyinka allegedly perpetrated the fraud during his time in the bank’s settlement office.

The EFCC has stated that investigations indicate Mr Adeyinka and his associates received up to N35 billion from the alleged fraud.

The judge, Dehinde Dipeolu, ordered the final forfeiture of the assets on Thursday following a request by the EFCC.

This was preceded by an earlier interim forfeiture order on the assets.

While the interim order was in place, the judge ordered, EFCC should make a national newspaper inviting all parties that might be interested in the assets to appear to show cause why they should not be permanently forfeited to the Nigerian government.

Moving the application for the final forfeiture of the assets on Thursday, EFCC’s lawyer, Zeenat Atiku, told the court that “no one showed cause within the 14 days window granted after the publication.”

In the affidavit filed in support of the application, Isah Yusuf Nadabo, an operative of the EFCC, told the court that Mr Adeyinka worked at the settlement office of the bank where he had “access” available only by virtue of his office.

The operative stated further in the affidavit that, “He, therefore, carried out illegal, unauthorised and fraudulent activities against First Bank Nigeria Plc.

“Investigation has thus far revealed and traced the sum of N35billion benefitted by Muiz Tijani Adeyinka and his cronies.”

In her submission on Thursday, Ms Atiku told the court that the properties traced to Mr Adeyinka were reasonably suspected to have been acquired with proceeds of unlawful activities.

After listening to the EFCC’s counsel, Mr Dipeolu held that her argument in support of the application for final forfeiture was meritorious.

He ordered the final forfeiture of the properties to the Federal Government of Nigeria.

Forfeited assets

Most of the assets linked to the suspect are located in Lagos. Only one is in Abuja.

Those in Lagos include Plot 9, Block 28 Itunu City, Veritas Homes & Properties Ltd., Aiyetoro, Epe, a three-bedroom flat described as Block A, Floor 6, Flat 2 (Block A/6/2) Le Moriah Residences Estate, Off Kusenla Road, Ikate Ancient City, Lekki Penninsula, at Eti-Osa Local Government Area (LGA), and a parcel of land at Block L1, Plot 13, Amen Estate, Phase Ill Extension, Abomiti Zone, Lekki/Epe Express Way Epe LGA.

They also include another parcel of land at Block 3, Plot 13, Arizon Estate, within Idera Scheme Allocation via Eleko Junction at Ibeju-Lekki LGA; one plot of Land within Arizone Estate, Idera Scheme,lbeju-Lekki LGA and another plot of land within Itunu Residential Aiyetoro, Ibeju-Lekki LGA.

There is also a parcel of land known as Plot 7, Block 4 Itunu City, Veritas Homes & Properties Ltd, Aiyetoro Epe LGA, and a parcel of land at Block Q, Plot 25, Tiara by Amen City Limited, Along Lekki/Epe Express Way, Yeguda Resettlement Scheme.

The property located in Abuja is a parcel of land known as Plot 1, Ido Gwari 2 Extension, within Ochacho Real Homes, Ido-Gwari 2 Extension, Life Camp, Abuja.

The forfeited assets are expected to be transferred to the bank.

Earlier forfeiture

Earlier in February, another judge of the Federal High Court in Lagos, Alexander Owoeye, ordered the final forfeiture of about N1.17 billion, £35,070, and $392,818 recovered from Mr Adeyinka.

According to Ms Atiku, the investigations leading to the recovery of the funds and other assets were triggered by a petition EFCC from First Bank of Nigeria in March 2024, complaining of “fraudulent” transactions within and outside the bank.

The lawyer told the court that investigations revealed that the principal suspect was Mr Adeyinka, who worked in the bank’s settlement office.

The suspect allegedly manipulated “settlement accounts by creating fictitious domiciliary inflows with which he immediately transferred the naira equivalent to himself and his cronies”.

He allegedly used the fraudulent funds to purchase US dollars and digital currency as part of the money laundering plot.

“He is also the MD/CEO of Golden Sieve Logistics Ltd., Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., which are all duly incorporated with the Corporate Affairs Commission,” Ms Atiku had said.

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Declared wanted

In June last year, the Nigerian Police Force declared Mr Adeyinka wanted for allegedly diverting N40 billion from the accounts of various customers.

He is also accused of laundering the funds by purchasing both foreign and digital currencies.