120 First Bank Staff Fired Over N40bn Fraud

First Bank has been reportedly hit by a significant scandal involving the alleged diversion of ₦40 billion by Tijani Muiz Adeyinka, a manager on the operations team, according to TechCabal.

This revelation has led to substantial changes within the bank’s leadership and operations departments, Techcabal reports.

In July 2024, First Bank terminated over 120 employees, including both full-time and contract staff, after the discovery of the extensive fraud, according to TechCabal.

The employees, part of the bank’s large operations department, were accused of negligence in their duties, with management stating that such a massive fraud could not have occurred without some level of complicity or severe oversight failure. Among those dismissed was the head of transactions.

Tijani Muiz Adeyinka, who is still on the run, allegedly used his position to approve chargebacks to accounts he controlled over a two-year period.

TechCabal reported in May that the fraud was uncovered in March, prompting the bank to take immediate action to contain the fallout.

Initial attempts to manage the situation discreetly involved suspending several operations team members indefinitely.
TechCabal also noted that the bank’s CEO at the time, Dr. Adesola Adeduntan, abruptly resigned in April 2024, eight months before his tenure was set to end.

The report added that Dr Adeduntan, who had led First Bank for nine years, cited a desire to pursue other interests.

His resignation came less than a month after the fraud was uncovered and amid increasing pressure on the bank’s leadership. Previously, in April 2021, the Central Bank had intervened to reinstate Adeduntan after an attempted board replacement.

First Bank’s management has since emphasized a zero-tolerance policy for supervisory negligence.

“The CEO said there will be zero tolerance for supervisory negligence,” an unnamed First Bank employee told TechCabal.

The report said, despite repeated attempts, First Bank has not responded to requests for comments regarding the situation.