Bank Starts Recuperation. To begin with Bank, a Nigerian bank with a advertise capitalisation of ₦829 billion has started lawful activity to recoup “huge entireties of money” supposedly stolen by one of their worker at a head office group in Iganmu, Lagos.
The worker, presently on the run, purportedly redirected the money to 98 bank accounts classified including his wife’s.
The bank reported the occurrence to the Nigerian Police on 25, 2024, and gotten three court orders between April 4–8, 2024 to freeze hundreds of bank accounts suspected to have gotten the stolen stores.
Three individuals with coordinate information of the occurrence said that whereas the beginning sum found to be stolen was around ₦12 billion, it presently stands at around ₦40 billion ($29 million).
As a director on the electronic transfer reversal at the group at, the staff with name Tijani Muiz Adeyinka was approved to handle reversal for clients. He controlled an account with which he prepared those transfers and and credited the fraudulent accounts.
Muiz supposedly utilized this privilege to move customers money to a vendor he controlled. As the final line of authorisation on the group, he supposedly did not require any last approval, it seize the opportunity to move customers funds without discovery.
His plot was found out when a client made a complaint that was his money was missing and raised complaint to the bank’s fraud control unit.
The control unit found a few suspicious exchanges and reported to the police. “We therefore bring to your take note the disclosure of fraudulent transfer into different fraudulent accounts in bank and other banks we ask that you set up the investigative teams to unravel this crime.
A representative for The Nigerian Police Drive did not instantly react when asked for comments.
The representative of EFCC did not react to questions. “I found that one Muiz Tijani Adeyinka, a previous staff of First Bank was involved in fraudulent transactions,” “It was found that he made a few fraudulent transfers to his wife’s account number (title withheld) domiciled with Apex Bank, which in turn transferred to other recipients totaling thirty-four accounts and other account recipients domiciled with other banks totaling 1,190 accounts,” the report said.
Some recipient account of stolen funds allegedly used the money to purchase stablecoin USDT from a few crypto dealers.
Those dealers claimed they never new it was stolen funds the traded their USDT for and denied any involvement. They have presently been charged to court by the bank with freezing of m their accounts at the time of this report.