A Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of seven high-value properties linked to Muiz Tijani Adeyinka, a former employee of a first generation bank, over alleged N35 billion fraud.
Justice Dehinde Dipeolu who made the final forfeiture order, granted 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, Life Camp, Abuja.
In asking the court for the final forfeiture of the properties, the EFCC, counsel, Zeenat Atiku, told the court that Adeyinka, who worked in the bank’s Settlement Office, exploited his position to carry out fraudulent transactions amounting to N35 billion.
She also told the court that 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.
It would be recalled that Justice Alexander Owoeye of the same division of the court had on February 4, 2025, ordered final forfeiture of the sum of N1,168,602,877.44; $392, 818. 01; £35, 070, recovered from the same Muiz Tijani Adeyinka, to the Federal Government of Nigeria.
The judge made the final forfeiture order following a motion on notice, which was supported with an affidavit deposed to by Isah Yusuf Nadabo, an investigator with the EFCC filed and moved by Atiku.
Justice Owoeye had, on November 27, 2024, ordered the interim forfeiture of the funds and also ordered the publication of the order in a national newspaper for any interested party to show cause why the various sums of money should not be finally forfeited to the Federal Government.
Moving the application for the final forfeiture on Monday, February 3, 2025, counsel to the EFCC, Zeenat Atiku, stated that the Commission, on March 26, 2024, received a petition from the bank alleging fraudulent transactions in various bank accounts within and outside it.
She said: “Investigation revealed that Muiz Tijani Adeyinka, who is the principal suspect, is also the MD/CEO of Golden Sieve Logistics Ltd, Golden Sieve Properties Ltd., and Golden Sieve Motors Ltd., which are all duly incorporated with the Corporate Affairs Commission, CAC.
“He was attached to the Settlement Office of the bank and by virtue of his office, he had some inalienable access available only to the Settlement Office.”
According to Atiku, Adeyinka manipulated the settlement accounts by creating fictitious domiciliary inflows, with which he immediately transferred the Naira equivalent to himself and his cronies.
She said: “In a bid to conceal and disguise the said fraudulent proceeds derived, he laundered the same by purchasing US Dollars and USDT.
“The said proceeds were traced to his personal dollar account and crypto wallet accounts.”
Atiku further submitted that the interim forfeiture order was published in The Punch newspaper of December 5, 2024 in compliance with the directive of the court.
After listening to the EFCC’s counsel, Justice Owoeye granted the application as prayed and held that “I have considered the application. I have examined the affidavit in support, the written address and the publication attached. The application has merit and the same is hereby granted.”