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Police declare First Bank staff wanted for diverting customers’ N40b

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Mr Tijani Adeynka, a First Bank employee has been declared wanted by the Nigeria Police for his alleged involvement in a fraudulent scheme amounting to approximately N40 billion.

The suspect who worked in the electronic products team at First Bank, allegedly misused his authority to process customer reversal requests, diverting funds to a merchant under his control.

In a police Gazette Bulletin issued by the Force Criminal Investigation Department (FCID), INTERPOL section stated that Tijani faces charges including criminal conspiracy, criminal breach of trust, cheating, and banking fraud.

The offences were said to have occurred between 2016 and March 25, 2024, at First Bank of Nigeria Limited.

First Bank reported the incident to the Nigerian Police Force on March 25, 2024, and obtained court orders between April 4–8, 2024, to block numerous bank accounts suspected of receiving the stolen funds.

Initially estimated at N12 billion, the amount diverted later rose to approximately N40 billion.

Meanwhile, data from FITC indicates that out of 270 bank staff implicated in fraud in 2023, only 54 faced termination of employment, suggesting a lenient approach to addressing internal misconduct.

While there has been a decrease in outsider involvement in fraudulent activities, insider complicity remains relatively consistent, highlighting ongoing vulnerabilities within banks’ internal systems and controls.

 

 

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