Court orders final forfeiture of N1.2bn stolen from Sterling Bank during system glitch

A Federal High Court in Lagos has ordered the final forfeiture of N1.29 billion fraudulently withdrawn during a system glitch at Sterling Bank Plc, following a petition by the bank and a subsequent investigation by the Economic and Financial Crimes Commission (EFCC).

Justice D.I. Dipeolu issued the order in favour of the Federal Government after the EFCC filed a motion for final forfeiture, having earlier secured an interim order on March 12, 2025.
According to a statement released by the EFCC on Saturday, the funds—originally part of a reported N2.5 billion loss—were allegedly traced to several bank accounts linked to Mustapha Sharif Abubakar and associated entities.

According to the statement, EFCC counsel Hannatu U. KofarNaisa argued that the funds were proceeds of unlawful activity, and noted the interim forfeiture had been publicly advertised in The Punch newspaper on March 24 to invite objections, but none were filed.

In granting the application, Justice Dipeolu ruled: “Having gone through the motion and attachments, I find the application meritorious and same is accordingly granted.”

The funds are now to be permanently forfeited to the Federal Government on behalf of Sterling Bank.