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First Bank employee absconds after diverting ₦40 billion; bank begins recovery

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First Bank, a Nigerian bank with a market capitalisation of ₦829 billion has begun legal action to recover “huge sums of money” allegedly diverted by an employee at a head office team in Iganmu, Lagos.

The employee, now on the run, allegedly diverted those funds to 98 bank accounts classified as first beneficiaries, including his wife’s.

The bank reported the incident to the Nigerian Police Force on March 25, 2024, and obtained three court orders between April 4–8, 2024 to block hundreds of bank accounts believed to have received the stolen funds.

Three people with direct knowledge of the incident revealed that while the initial amount discovered to be diverted was around ₦12 billion, it now stands at around ₦40 billion ($29 million).

As a manager on the electronic products team at First Bank, the employee, identified by court documents as Tijani Muiz Adeyinka was authorised to process reversals for customers, said one First Bank employee with knowledge of the matter. It meant he controlled an account with which he processed those reversals and could credit merchant accounts.

Muiz allegedly used that authority to instead credit customer reversal requests to a merchant he controlled. As the last line of authorisation on the team, he allegedly did not need any further approvals, it allowed him to carry on diverting customer funds for almost two years without detection.

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His scheme was eventually discovered when a customer made a complaint that was eventually escalated to the bank’s internal control unit. The control unit discovered several suspicious transactions and reported to the police.

“We hereby bring to your notice the discovery of fraudulent transactions into various transactions within and outside the bank and request your good offices to set up the machinery of investigation in place with a view to unraveling the circumstances surrounding the said fraud and get the culprits apprehending to face the wrath of the law,” read a letter dated May 10, 2024, from First bank to the Lagos State Commissioner of Police.

First Bank did not respond to multiple calls and emails requesting comments.

A spokesperson for The Nigerian Police Force did not immediately respond to a request for comments.

The spokesperson Economic Financial Crimes Commission (EFCC) did not respond to a request for comments.

“I discovered that one Muiz Tijani Adeyinka, a former staff of First Bank was involved in the nefarious posting of fraudulent transactions,” read a statement from the investigating Police officer in charge of the case signed March 26, 2024.

“It was discovered that he made some fraudulent transactions to his wife’s account number (name withheld) domiciled with Zenith Bank, which in turn transferred to other beneficiaries totaling thirty-four accounts which also gave birth to second beneficiaries domiciled with other banks totaling 1,190 accounts,” the statement added.

Across multiple court documents and complaints, First Bank did not state how much money was stolen. It was also silent on how the money was obtained while asking the Police to “unravel the circumstances surrounding the fraud.”

Despite a decline in reported cases in Q1 2024, fraud remains a big issue in Nigeria’s financial services industry. While fintech startups receive disproportionate scrutiny, the country’s biggest banks are often on the receiving end of fraud attacks too. In 2023, Access Bank lost ₦6.15 billion to fraud and Fidelity Bank lost ₦2.5 billion in three incidents, according to a report by BusinessDay.

First Bank obtained an order on April 8 to block the bank accounts of the first and second beneficiaries of the illegally obtained funds from a Federal High Court in Lagos.

The bank also obtained additional orders dated April 8 and May 5 from a Jalingo and a Lagos high court to block additional accounts believed to be involved in the incident.

One first beneficiary account reportedly used some of the stolen funds to buy the stablecoin USDT from several crypto traders, according to sources.

Those traders claimed their only involvement was selling USDT and denied knowing the funds they received were proceeds of fraud. They have now been drawn into a legal battle with the bank with restrictions on their accounts at the time of this report.

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Sowore slumps, rushed to hospital after police teargas Abuja protesters

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Sowore collapses after teargas attack
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Human rights activist and former presidential candidate, Omoyele Sowore, has reportedly collapsed and was subsequently taken to a hospital following a confrontation with the Nigerian police during a Democracy Day protest at Unity Fountain in Abuja.

Witnesses at the scene alleged that Sowore collapsed after police operatives moved to disperse protesters gathered to demonstrate against insecurity, economic hardship and what they described as poor governance.

The protest, which attracted scores of activists and civil society groups, was disrupted after security personnel deployed tear gas canisters in an apparent attempt to break up the gathering.

It was reported that chaos erupted as protesters scampered for safety amid clouds of tear gas. In the confusion, Sowore was reportedly affected by the tear gas and subsequently lost consciousness.

Supporters and fellow activists immediately rushed to his aid and evacuated him from the protest ground. Sources close to the activist said he regained consciousness while being transported away from the scene in a vehicle.

Following the incident, Sowore has now been reportedly taken to an undisclosed hospital for further examination and treatment.

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The incident heightened tensions at the Democracy Day protest, where demonstrators had gathered to express concerns over rising insecurity, economic challenges and governance issues in the country.

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Tension in Ghana as ‘South Africa Must Go’ protesters storm MTN headquarters

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Some Ghanaian youths under the banner of the “South Africa Must Go” campaign, on Thursday staged a peaceful protest to the headquarters of telecommunications giant, MTN Ghana in Accra.

The development, which followed the deadly xenophobic attacks going in South Africa, has heightened tension in the country.

In a viral video, the protesters could be heard saying MTN and other South African companies must shut down operations in Ghana.

The demonstrators were captured in the video carrying placards with different inscriptions such as “Ghanaian lives matter” and chanting slogans as they converged on the company’s premises.

The development comes weeks after Ghana and some other African countries, including Nigeria, began evacuating their citizens from South Africa amid rising tensions.

In Nigeria, the first batch of the returnees arrived in the country on Thursday and were received by government officials, including Minister of State for Foreign Affairs, Sola Enikanolaiye.

 

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Democracy Day address: Terror financiers will pay dearly, says Tinubu

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Rising cost of living: We’re almost on the way to Venezuela – PDP Govs
President Bola Ahmed Tinubu
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…issues ultimatum to bandits, kidnappers,  their sponsors to surrender or…

President Bola Tinubu has vowed that no mercy will be shown to terror purveyors who enable the killing and kidnapping of innocent Nigerians.

He also issued an ultimatum to bandits, kidnappers and sponsors of terrorism to surrender or face the full force of the Nigerian state, disclosing that his administration had already neutralised over 13,000 terrorists in the past year alone.

Tinubu gave the warning in his national address delivered on the occasion of the country’s 27th consecutive Democracy Day celebration, his fourth as President since 2023.

According to him, although terror-related deaths had declined by 81 per cent since 2015, Friday’s Democracy Day celebration was subdued by the continued captivity of schoolchildren abducted in Oyo and Borno states.

He declared, “To bandits, kidnappers, and sponsors of terror: Surrender or face the full force of the Nigerian State.

“These windows of surrender will not remain open forever. No mercy will be shown to those who trade in the blood of Nigerians.”

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The Nigerian leader said his administration had moved beyond training with allies to precision operations on the ground.

“We have moved from training with our allies, the United States, France and other European countries, to precision targeting.

“In Arege, Borno State, we degraded ISWAP’s command centre.

Terror-related deaths are down by 81 per cent since 2015.

“Over 13,000 terrorists have been neutralised in the past year,” he stated.

Tinubu added that despite the neutralisation of terrorists, the door of rehabilitation remained open alongside the door of force.

“Over 124,000 fighters and dependents have laid down their arms since 2023 through Operation Safe Corridor,” he said.

The N5.41tn security allocation in the 2026 budget, Tinubu said, was a statement of national will to crush the current wave of terrorism, which has raged since 2009.

Beyond the budget, he said his administration had approved the recruitment of more than 50,000 new police officers and thousands of military recruits, which, he revealed, was designed to address the persistent gap between the number of security personnel and the security demands of over 230 million Nigerians.

Tinubu acknowledged that even as the country celebrates 27 years of steady democracy, this year’s festive spirit of Democracy Day was weighed down by the continued hostage situation involving school children and teachers kidnapped in Oyo and Borno states, which has now entered its fourth week.

“Though this year’s mood is dampened by the abduction of our children in Oyo and Borno, we remain hopeful for their safe return. Democracy without security is a mirage.

“That is why this administration declared a security emergency and approved the recruitment of more than 50,000 new police officers and thousands of military recruits.

“Our 2026 budget commits N5.41tn, our largest ever, to defence and security. Our administration is ever ready to do much more to secure our people,” he stated.

He called for national unity in the face of the security challenge, rejecting ethnic or religious framing of criminality and urging Nigerians to do the same.

“At a time like this, let us not assign blame or point fingers. Crime has no ethnicity.

“We must stand united and be assured that the enemies of our nation shall soon be history.

“We will triumph over terror and continue to build a more prosperous nation,” he declared.

On the intermittent power crisis of the past three years, the President explained the scale of the challenge he inherited and his response so far.

He said by 2023, the sector was “characterised by chronic generation shortfalls, an unreliable gas supply, and transmission infrastructure so fragile that it could not evacuate available power. Distribution companies were burdened by massive losses and a metering deficit of over four million.

“The result was a sector that generated less than the 13,500 megawatts installed capacity, a sector that transmitted less than it generated, distributed less than it transmitted, and collected revenue far below what it needed to sustain itself,” he added.

Tinubu said in response, he signed the Electricity Act, granting states authority to generate, transmit and distribute power, authorised the Presidential Power Sector Task Force to raise a N4tn bond to settle verified legacy debts, and directed the Rural Electrification Agency, supported by the World Bank and the African Development Bank, to deploy off-grid and mini-grid power to underserved communities, universities, markets and hospitals.

He explained, “To address the problems besetting the sector, I signed the Electricity Act, which grants states authority to generate, transmit, and distribute power.

“The Presidential Power Sector Task Force is working hard to reduce the metering deficit. It has also been authorised to raise N4tn bond to settle verified legacy debts.

“The Rural Electrification Agency, supported by the World Bank and the African Development Bank, has deployed off-grid and mini-grid power to underserved communities, universities, markets, and hospitals.

“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it.”

On the broader economy, Tinubu said federation revenues had risen, providing states and local governments with more resources, fiscal transparency had improved, and investor confidence had returned across agriculture, energy, manufacturing, technology, mining, transportation and the creative industries.

He said non-oil exports grew by 21 per cent last year, over 1,000 small and medium enterprises had been certified for export, and the National Agricultural Development Fund was deploying 10,000 tractors over five years.

However, he acknowledged that hardship persists.

“Yet, many Nigerians still face economic hardship. We remain focused on reducing inflation, expanding food production, creating jobs, improving living standards, rebuilding confidence in our economy, and creating conditions for sustainable prosperity.

“We are moving from uncertainty to stability. The next phase is about accelerating growth and ensuring the benefits are felt in every home, every community, and every region. We believe that Democracy must be felt in the pocket,” he stated.

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