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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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ICPC: Why we detained ex-minister uche Nnaji

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has disclosed that there are two main reasons a former Minister of Science, Technology and Innovation, Uche Nnaji, is being detained by the commission.

It also revealed that legal action was taken against the Enugu-born politician after he failed to honour several invitations extended to him through a letter referenced ICPC/HC/CSTF/GUN/GBT/T.1/VOLV16, and dated 15 May 2026.

John Odey, the spokesman of the commission in a statement on Wednesday explained that the commission later approached Federal High Court, Abuja Division, with the suit No: FHC/ABJ/CS/1160/2026) in order to effect Nnaji’s arrest after his failure to honour invitation.

Nnaji was arrested at the Akanu Ibiam International Airport, Enugu, when he boarded a private jet to Abuja.

Corroborating the development, the ICPC spokesman said Nnaji’s arrest was effected at the Nnamdi Azikiwe International Airport, Abuja, upon his arrival where he was led to the commission’s custody immediately.

According to him, Nnaji is being probed on forgery of academic credentials, specifically concerning a degree certificate from the University of Nigeria, Nsukka (UNN) and False National Youth Service Corps (NYSC) Discharge Certificate, which was submitted during his ministerial screening process in 2023.

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The statement read, “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested the immediate past Minister of Science, Technology and Innovation, Hon. Geoffrey Uchechukwu Nnaji (M), following the execution of a bench warrant issued by the Federal High Court of Nigeria.

“The arrest was effected on Wednesday, 1st July 2026 at the Nnamdi Azikiwe International Airport, Abuja, upon Mr. Nnaji’s arrival.

“He was apprehended with the assistance of the Department of State Services (DSS) and subsequently handed over to the ICPC for further investigation.

“The Commission had earlier extended formal invitations to the former minister through a letter referenced ICPC/HC/CSTF/GUN/GBT/T.1/VOLV16, dated 15 May 2026.

“The invitation notices were duly served to his known addresses in Abuja and Enugu, as well as via his electronic mail address.

“Despite service through multiple channels, Mr. Nnaji failed to appear for investigative interviews on the scheduled dates, necessitating further legal action.

“The legal action followed a court order granted by the Federal High Court in the Abuja Judicial Division (Suit No: FHC/ABJ/CS/1160/2026).

“The order, issued on 11 June 2026, directed the ICPC to arrest the former minister to enable investigation into allegations bordering on:

“Forgery of academic credentials, specifically concerning a degree certificate from the University of Nigeria, Nsukka (UNN); and “False National Youth Service Corps (NYSC) Discharge Certificate, which was submitted during his ministerial screening process in 2023.

“Following the arrest, Mr. Nnaji has been taken into custody at the ICPC headquarters in Abuja, where investigations are expected to continue. The Commission assures the public that the matter will be pursued diligently in accordance with the law.”

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BREAKING: Ex-Minister Uche Nnaji arrested over alleged certificate forgery probe

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The immediate past Minister of Science and Technology, Uche Nnaji, was arrested on Wednesday at the Nnamdi Azikiwe International Airport, Abuja, on arrival from Enugu via a chartered flight.

Authoritative sources at the airport confirmed the arrest to PREMIUM TIMES, saying Mr Nnaji would be handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for interrogation.

The reported arrest comes weeks after the Federal High Court reportedly granted the ICPC permission to arrest and investigate Nnaji over the allegations.

The court also authorised the anti-graft agency to declare him wanted through newspapers, social media platforms and other media channels after the commission alleged that he repeatedly failed to honour invitations for questioning.

According to the ICPC, its application to the court followed Nnaji’s alleged refusal to appear before investigators despite several invitations relating to the forgery allegations.

The case stems from a two-year investigation published by Premium Times in October last year, which alleged that Nnaji submitted forged University of Nigeria degree and National Youth Service Corps certificates during his ministerial screening and confirmation process in 2023.

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The report alleged that the documents were presented to President Bola Ahmed Tinubu, the Nigerian Senate, the Office of the Secretary to the Government of the Federation and the State Security Service.

According to the publication, Nnaji later acknowledged that the University of Nigeria did not issue him the degree certificate in question, a development the newspaper said corroborated its investigation.Newspapers

The former minister had previously denied the existence of the court order authorising his arrest, dismissing the publication as a “media trial.”

However, on June 18, he reportedly filed an appeal before the Court of Appeal, seeking to overturn the arrest order.

As of the time of filing this report, the ICPC had not issued an official statement confirming the reported arrest, while Nnaji’s legal team had yet to publicly respond to the latest development.

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Alleged Cybercrime: Court grants Sowore N200m bail, orders two sureties, passport surrender

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Omoyele Sowore
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The Federal High Court in Abuja, on Tuesday, restored the bail it had earlier granted to activist and presidential candidate of the African Action Congress (AAC), Omoyele Sowore.

Sowore is facing a two-count cybercrime charge filed against him by the Department of State Services (DSS) for calling President Bola Tinubu a “criminal” in a social media post.

Trial Justice Muhammed Umar, who had earlier granted the defendant bail on self-recognisance, on June 16 revoked the bail and issued a warrant for his arrest.

The order came after Sowore failed to appear before the court for the continuation of his trial, even though he wrote a letter explaining his absence and requesting a new date.

When proceedings resumed in the case on June 22, Justice Umar ordered the remand of the defendant in Kuje prison.

Dissatisfied with the actions the court took against him, Sowore—whose legal team had initially withdrawn from the case over alleged bias by the judge—secured a new lawyer, who promptly filed a motion to restore his bail and quash the arrest warrant.

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When the case came up on Tuesday, Justice Umar held that he was minded to admit the defendant to bail.

However, the court listed some conditions that had to be met before he would be released from prison custody.

Aside from granting him bail to the tune of N200 million, the court held that the defendant must produce two sureties in like sum.

The court also ordered the defendant to surrender his international passport.

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Sowore, in the application he anchored on Sections 35(4), 36(1), and 66 of the 1999 Constitution, as amended, as well as Sections 169 and 352 of the Administration of Criminal Justice Act (ACJA) 2015, insisted that the orders the court made against him were unjust and unwarranted.

The defendant had, on December 2, 2025, pleaded not guilty to the charge marked FHC/ABJ/CR/484/2025, filed against him by the Department of State Services (DSS).

The charges allege offences under Sections 24(1)(b) and 24(2)(a), (b), and (c) of the Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act, 2024.

The offending posts, made on August 25, 2025, were in response to President Tinubu’s claim, made in Brazil, that his administration had ended corruption in Nigeria.

Angered by the posts, the DSS demanded that X Inc. (formerly Twitter) and Meta Platforms Inc. ban Sowore’s accounts and remove the posts.

The security agency also wrote to Sowore, asking him to delete the posts from all platforms.

Non-compliance with the request led to the charges.

The prosecution claims the defamatory posts were intended to cause a breakdown of law and order and to tarnish the president’s reputation.

Exhibits include printouts of the posts and the DSS letters.

X Inc. and Meta were initially co-defendants but were delisted in the amended charge.

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