A First Bank staff member, Tijani Muiz Adeyinka worked on the electronic products team.
His job gave him legitimate access to process failed reversals for customers.
He used that access to credit merchant accounts with money that was not theirs.
The fraudulent postings went to his wife's Dorcas Nigerian Bank account first
From there to 34 other accounts.
This then spread to 1,190 secondary accounts across multiple banks.
By the time First Bank noticed and reported it to the Nigeria Police Force on March 25, 2024...the figure had grown from ₦12 billion to ₦40 billion.
He was already on the run.
Three court orders across Lagos and Jalingo were obtained to freeze accounts.
Some of the money had already been converted to USDT through crypto traders.
The sum of N1.17 billion, £35,070, and $392,818 were recovered from Mr Adeyinka and forfeited even though he was on the run with his wife, and were transferred to First Bank.
The following properties were also recovered from the couple and transferred to First Bank as well.
Those in Lagos include Plot 9, Block 28 Itunu City, Veritas Homes & Properties Ltd.,
Aiyetoro, Epe, a three-bedroom flat described as Block A, Floor 6, Flat 2 (Block A/6/2)
Le Moriah Residences Estate, Off Kusenla Road, Ikate Ancient City, Lekki Peninsula, at Eti-Osa Local Government Area (LGA), and a parcel of land at Block L1, Plot 13, Amen Estate, Phase III Extension, Abomiti Zone, Lekki/Epe Express Way Epe LGA.
They also include another parcel of land at Block 3, Plot 13, Arizon Estate, within Idera Scheme Allocation via Eleko Junction at Ibeju-Lekki LGA; one plot of Land within Arizone Estate, Idera Scheme, Ibeju-Lekki LGA, and another plot of land within Itunu Residential Aiyetoro, Ibeju-Lekki LGA.
There is also a parcel of land known as Plot 7, Block 4 Itunu City, Veritas Homes & Properties Ltd, Aiyetoro Epe LGA, and a parcel of land at Block Q, Plot 25, Tiara by Amen City Limited, along Lekki/Epe Express Way, Yeguda Resettlement Scheme.
The property located in Abuja is a parcel of land known as Plot 1, Ido Gwari 2 Extension, within Ochacho Real Homes, Ido-Gwari 2 Extension, Life Camp, Abuja.
Last year,
Wema Bank lost ₦847.6 million, which cannot be recovered due to fraud
Also the same last year, seven people including three Wema bank employees were arraigned by the EFCC over an alleged ₦8.5 billion banking fraud in Lagos.
Not hackers breaking into the system.
Insiders are already inside it.
On May 23, 2025, the EFCC brought the suspects before Justice Daniel Osiagor at the Federal High Court in Ikoyi over a scheme investigators say involved manipulating internal banking processes.
Three of the suspects were Wema Bank staff:
• Samuel Ihechukwu Asiegbu
• Fabian Chizaram Onyeimachi
• Kingsley Kelechi Ejim
They allegedly worked with four external accomplices:
• Hannah Okunlola Adesokan
• Hamza Zakariya
• Achionu Chukwuka Ubaku
• Sunday Osademe
According to the EFCC, the group tampered with internal banking data and transaction records tied to accounts domiciled in Wema Bank.
Investigators say the manipulation happened around January 2025.
The altered records allegedly allowed fraudulent transactions to be triggered inside the bank’s infrastructure, leading to the diversion of about ₦8,568,090,500.
That’s over ₦8.5 billion moved through manipulated internal systems.
About 87% of the cases were internal, involving staff.
This is what insider fraud actually looks like in Nigerian banking.
Not a dramatic hack.
A staff member. A privileged function. No second authorization required.
If your system allows any single person to trigger financial transactions without a second approval layer that is your vulnerability.
Segregation of duties is not bureaucracy.
It is what stands between your system and ₦40 billion walking out the door.
By Chukwudi Iwuchukwu
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