A Lagos Federal High Court, has ordered interim forfeiture of the sum of N2.174 billion, belonging to a former manager of First Bank Plc, Muiz Tijani Adeyinka, but allegedly warehoused in an account domiciled in Zenith Bank Plc.
Justice Ayokunle Faji, who presided over court, made on Friday, made interim forfeiture order, while granting an Exparte motion filed by the Economic and Financial Crimes Commission (EFCC) but moved by one of it’s lawyers, Chineye C. Okezie.
Okezie, had approached the court for the orders in a suit numbered FHC/L/MISC/631/2024, and asked for the following reliefs: “an interim forfeiture order of the honourable court, forfeiting to the Federal Government of Nigeria in favour of First Bank of Nigeria, the sum of N2,174,000,000.00, warehoused in the account of OAO Legal Advisory and Services Limited, domiciled in Zenith Bank Plc, which monies were traced and reasonably suspected to be proceeds of unlawful activities of Mr. Muiz Tijani Adeyinka and his cohorts.
“An order of the honourable court directing the publication in any National Newspaper, the interim order under relief 1 above, for anyone who is interested in the monies sought to be forfeited, to appear before the honourable court to show cause within 14 days, why the final order of forfeiture of the said monies should not be made in favour of the Federal Government of Nigeria.”
Okezie had told the court that the orders sought for are pursuant to Section 17 of the Advance Fee Fraud and other related offences Act No. 14, 2006 and Section 44 (2)(b) of the Constitution of the Federal Republic of Nigeria, and under the court’s inherent jurisdiction.
The EFCC lawyer also informed the court that the motion Exparte is supported with affidavit deposed to by one Babana Job, an Investigating Officer the agency, and a written address with several documentary exhibits.
Mootion Exparte for interim forfeiture pursuant to
The EFCC lawyer also listed two grounds for the court to grant the application: “that the honourable Court has the statutory powers under the provisions of section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006 to grant the reliefs being sought.
“That the properties sought to be forfeited are reasonably suspected to been acquired and or developed with proceeds of an unlawful activities.”
Justice Faji after listening to the EFCC lawyer, granted the reliefs sought for, and directed the agency to publicize the order in any national newspaper, for anyone who is interested In the monies sought to be forfeited to appear before this Honourable Court to show cause within 14 days, why the final order of forfeiture of the said monies should not be made in favour of the Federal Government of Nigeria.
The judge thereafter adjourned the matter to November 12, for final forfeiture.
The EFCC in the affidavit in support of the motion Exparte, averred that “the Commission on the 26th March 2024, received a petition from First Bank of Nigeria, (FBN) alleging fraudulent transactions in, various bank accounts within and outside FBN.
“That investigation revealed that Muiz Tijani Adeyinka (MTA) was a staff of FBN, attached to the settlement office of the bank and by virtue of his office, had the capacity to carry out some inalienable access available only to the settlement office.
“That Muiz Tijani Adeyinka (MTA) manipulated the settlement accounts by creating fictitious domiciliary inflows and he immediately transfers the naira equivalent to himself and his cronies.
“Investigation has thus far revealed and traced the sum of N35 billion naira being benefitted by MTA and his cronies. And that the modus operandi is that, after the manipulation, and in a bid to conceal and disguise the said fraudulent proceeds derived, he launders same by purchasing US dollars and USDT.
“The said proceeds were traced to his personal dollar account and crypto wallet accounts. And Muiz Tijani Adeyinka (MTA) in a bid to launder the funds incorporated a company Golden Sieve Motors Limited, he used the fraudulent proceeds to purchase and import exotic vehicles and warehoused them under the company and car stand Golden Sieve motors Limited.
“To further clean and launder the funds the proceeds of the vehicles sales are then reintegrated back into the system in a bid to make the money look genuine. And that part of the unsold exotic vehicles were recovered in the course of investigation. A total number of 28 vehicles were recovered by the applicant at the car stand Golden Sieve Motors Limited. A forfeiture order on the said vehicles was sought and granted by Honourable Justice Faji.
“Investigation also revealed that MTA maintains 62 different bank accounts while his syndicates, Mafiotan Oladipupo Olumuyiwa, the MD/CEO of Molafax Limited, Anwuli Daniel Chukwuebuka, MD/CEO of Danhypro Services Ltd and Chimebere Igboecheonwu maintains 30, 59 and 17 different accounts respectively with several banks.
“Furthermore, Muiz Tijani Adeyinka (MTA) transferred these monies directly from the FBN settiement’s account to his syndicates accounts with details: Molafax Limited FBN account no2042463159, Danhypro Services Ltd FBN account no: 2042517375 as well as Clinton Chimebere Igboecheonwu FBN account no3159854377.
“That the narrations of these transactions usually reads “Unified Payments”, IC Markets, Bamboo, Riseves Trade, Chaka and Flutterwave. And that these syndicates both directly and through the use of other proxies transferred these monies back to the principal suspect either by the purchase of Dollars and USDT equivalent which was sent to his Domiciliary accounts and wallets, and also transferring to his accounts and his wife Tijani Hawaw Olaitan’s account.
“That the Law firm of Kanu Agabi, SAN & Co in a letter dated 8 August, 2024, entitled: “Surrender Of The Various Sums of Monies Currently Standing As Credit In The Accounts Listed In The Attached Schedule” clearly shows the willingness of the Recipients of the balances of this monumental fraud surrendering the funds illegally gotten to the Nominal Complainant First Bank of Nigeria Plc.
“A forfeiture order on the said funds was sought and already granted by Honourable Justice Dipeolu. Attached and marked as Exhibit EFCCO4 is a copy of the said Order.
“That investigation revealed that Muiz Tijani Adeyinka (MTA) purchased a property in Banana Island, Ikoyi with the proceeds of this unlawful activity, which was subsequently purchased by one Prince Egede Ebeano, a bonafide purchaser for value.
“That the Commission received a letter dated 30 May, 2024 from the law firm of Liborous Oshoma, the legal representative of OAO Legal Advisory Services, instructing/mandating Zenith Bank Pic., to remit the total sum of N2, 174, 000,000 less bank charges to First Bank Pic., being proceeds of the sale of the property in Banana Island purchased by MTA. Attached and marked Exhibit EFCC 05 is the said letter mandating Zenith Bank to transfer the amount sought to be forfeited to the Federal Government in favour of First Bank Pic.
“That I also know as a fact and verily believe as follows: “that based on the findings from our Investigation, part of the funds fraudulently obtained by MTA in the course of his official activities as a settlement officer in FBN and been sought to be forfeited to the Federal Government in favour of First bank of Nigeria Plc in the application herein, are reasonably suspected to be proceeds of unlawful activities and are not proceeds of any of legitimate business venture.
“That the funds ought to be forfeited so that the suspects would not benefit from proceeds of their unlawful activity.”
Culled: News Dish
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