Court Orders Final Forfeiture Of Ikoyi Properties Linked To Top Former Bank Staff over 35billion Fraud
Court Orders Final Forfeiture Of Ikoyi Properties Linked To Top Former Bank Staff over 35billion Fraud
The EFCC, represented by counsel, Zeenat Atiku, stated that Adeyinka, who worked in the bank’s settlement office, exploited his position to carry out fraudulent transactions amounting to N35 billion.
The Federal High Court in Ikoyi, Lagos State, has ordered the final forfeiture of seven high-value properties linked to Muiz Tijani Adeyinka, a former First Bank Plc employee, over alleged involvement in a N35billion fraud.
Justice Dehinde Dipeolu issued the ruling on Thursday, following an application by the Economic and Financial Crimes Commission (EFCC), which argued that the properties were acquired with proceeds of illegal activities.
The forfeited properties include luxury apartments and prime land in upscale areas of Lagos and Abuja, such as: A three-bedroom flat in Le Moriah Residences Estate, Lekki Peninsula; Multiple plots of land in Amen Estate, Arizon Estate, and Itunu City, Epe; a parcel of land in Tiara by Amen City Limited, Lekki-Epe Expressway and a plot in Ochacho Real Homes, LifeCamp, Abuja.
The EFCC, represented by counsel, Zeenat Atiku, stated that Adeyinka, who worked in the bank’s settlement office, exploited his position to carry out fraudulent transactions amounting to N35 billion.
Despite a 14-day public notice for interested parties to contest the interim forfeiture, no one came forward to claim the properties.
Justice Dipeolu upheld the EFCC’s argument, declaring that the assets were acquired through unlawful means and ordering their permanent forfeiture to the Federal Government.
The commission’s investigation revealed that Adeyinka and his associates diverted funds using his privileged access to the bank’s systems.
EFCC spokesperson, Dele Oyewale, confirmed the ruling, reiterating the agency’s commitment to recovering illicit assets and prosecuting financial crimes.
