EFCC Secures Forfeiture of Seven Properties Linked to Ex-First Bank Staff in Lagos

Following a motion filed by Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of seven properties linked to a former First Bank Nigeria Plc staff, Muiz Tijani Adeyinka, to the Federal Government of Nigeria. The order was granted by Justice Dehinde Dipeolu

Court Grants Final Forfeiture Order

The EFCC secured the final forfeiture of the properties on Thursday, April 10, 2025, after its legal counsel, Zeenat Atiku, moved a motion on notice before the court. Justice Dehinde Dipeolu delivered the judgment after confirming that no objections were filed within the legally prescribed period of 14 days, following an interim forfeiture order.

Justice Dipeolu had earlier ordered the interim forfeiture of the said properties and directed that a notice be published in a national newspaper to allow any interested party to appear and show cause. However, according to the EFCC’s lawyer, “no one showed cause within the 14 days window granted after the publication,” paving the way for the final forfeiture.

Details of Forfeited Properties

The seven forfeited properties span across prime locations in Lagos and Abuja, raising questions about the scale of illicit acquisition. They include plots and developed estates located in Epe, Ibeju-Lekki, Ikate, and LifeCamp, Abuja. Some of the specific assets are:

Plot 9, Block 28 Itunu City, Aiyetoro, Epe

A three-bedroom flat at Le Moriah Residences, Ikate, Lekki

Block L1, Plot 13 at Amen Estate, Phase III Extension, Lekki/Epe Expressway

Block 3, Plot 13 in Arizon Estate, Eleko Junction, Ibeju-Lekki

Plot 1, Ido Gwari 2 Extension, Ochacho Real Homes, LifeCamp, Abuja

Others include parcels within Veritas Homes & Properties Ltd., Itunu Residential in Aiyetoro, and Tiara by Amen City Limited along Lekki-Epe Expressway.

These locations are known to be some of the fastest-developing residential and investment hubs in Nigeria, further highlighting the strategic value of the properties acquired through suspected unlawful means.

Ex-Banker Allegedly Defrauded First Bank of N35 Billion

The EFCC’s application was supported by a sworn affidavit from one of its operatives, Isah Yusuf Nadabo. Nadabo disclosed that Muiz Tijani Adeyinka was employed at the settlement office of First Bank Nigeria Plc, a sensitive role that gave him unauthorized access to internal banking systems.

“He, therefore, carried out illegal, unauthorized and fraudulent activities against First Bank Nigeria Plc,” the affidavit stated. Further investigation by the Commission traced a staggering N35 billion allegedly stolen by Adeyinka and his associates.

The EFCC believes the forfeited assets were acquired using proceeds from these illicit transactions, prompting the Commission’s aggressive pursuit of a forfeiture order under Nigeria’s anti-money laundering laws.

EFCC Intensifies Asset Recovery Efforts

The ruling adds to a growing list of court victories for the EFCC in its fight against economic and financial crimes, especially within the banking sector. The Commission has been ramping up its asset recovery operations, targeting both individual and corporate suspects involved in the misappropriation of funds.

Zeenat Atiku, the EFCC’s counsel in the matter, emphasized during the court proceedings that the agency remains committed to recovering assets derived from criminal activities and returning them to public coffers. She argued successfully that the properties in question were reasonably suspected to be proceeds of unlawful enrichment.

With this judgment, the EFCC has again demonstrated its resolve to trace and recover stolen wealth, no matter how deeply hidden or well-disguised under property acquisitions.

Implications for Financial Institutions and the Public

This case underscores the importance of internal controls within financial institutions and the potential risks posed by rogue employees in sensitive positions. The scale of the fraud—allegedly N35 billion—has reignited calls for banks to enhance their monitoring systems, conduct regular audits, and improve whistleblower protections.

The judgment also serves as a warning to public and private sector workers who might engage in fraudulent acts, reaffirming that illicit wealth can be legally seized and returned to the state. Legal analysts have lauded the EFCC’s persistence in ensuring accountability, especially in sectors critical to Nigeria’s financial stability.

As the EFCC continues to pursue similar cases nationwide, observers expect further court-ordered forfeitures in the coming months, signaling a no-tolerance stance on financial crimes.