Court orders FG to take possession of 7 properties linked to ex-First Bank’s staff

A Federal High Court sitting in Ikoyi, Lagos, has granted an order for the permanent forfeiture of seven properties linked to Muiz Tijani Adeyinka, a former employee of First Bank Plc.

The ruling, delivered on Thursday, April 10, 2025, by Justice Dehinde Dipeolu, followed a motion filed by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).

The assets in question include residential apartments and parcels of land across various parts of Lagos and Abuja. Among them are: Plot 9, Block 28 Itunu City, Veritas Homes & Properties Ltd., Aiyetoro, Epe; a three-bedroom flat at Le Moriah Residences Estate in Ikate, Lekki; and land in Amen Estate Phase III Extension, Abomiti Zone, along Lekki/Epe Expressway. Others are located in Idera Scheme, Arizon Estate, Itunu Residential, Tiara by Amen City, and Ochacho Real Homes in LifeCamp, Abuja.

According to a statement released by the EFCC, the court’s decision came after no objections were raised within the 14-day period allowed for interested parties to challenge the interim forfeiture, which had been previously ordered.

“No one showed cause within the 14 days window granted after the publication,” EFCC counsel Zeenat Atiku informed the court.
Supporting the application was an affidavit sworn by EFCC operative Isah Yusuf Nadabo, who stated that Tijani, during his tenure in the bank’s settlement office, exploited privileged access for personal gain.

“He, therefore, carried out illegal, unauthorised and fraudulent activities against First Bank Nigeria Plc,” Nadabo declared in the affidavit.

He further revealed that investigations had traced N35 billion allegedly obtained by Tijani and associates through these activities.

“Investigation has thus far revealed and traced the sum of N35 billion (Thirty Five Billion Naira) benefitted by Muiz Tijani Adeyinka and his cronies,” the affidavit stated.

Atiku urged the court to grant final forfeiture, arguing that the properties were suspected to have been acquired with proceeds of financial crime.

Justice Dipeolu, in granting the order, ruled that the EFCC’s application had merit and subsequently ordered the properties be forfeited to the Federal Government.