First Bank sacked over 100 employees in July 2024, four months after discovering that Tijani Muiz Adeyinka, a manager on the operations team, allegedly diverted ₦40 billion over two years.
According to a TechCabal report, Adeyinka, who is still on the run, used his authorization to approve chargebacks to accounts he controlled.
Two individuals with direct knowledge of the situation revealed that at least 120 employees, including both full-time and contract staff of First Bank’s extensive operations department, received termination letters in July 2024. The head of transactions was also dismissed.
These employees were accused of negligence in their duties and were told they should have detected the fraud sooner. First Bank’s management believed it was inconceivable for a fraud of that magnitude and duration to have been executed without the awareness of Adeyinka’s superiors.
“The CEO stated there would be zero tolerance for supervisory negligence,” said one First Bank employee who requested anonymity to speak freely.
The alleged fraud surfaced in May 2024, revealing how Adeyinka, who was the final authorizer on his team, managed to carry out his scheme unnoticed for two years. When the fraud was discovered in March 2024, the bank attempted to keep the matter confidential, suspending several operations team members indefinitely. However, First Bank took more aggressive action after the fraud became public.
Several employees were interrogated by the Nigerian Police Force (NPF) and detained at the Lion’s Building for at least six hours, one person with direct knowledge of the incident said. These employees had to post bail before they were released. Restrictions have been placed on all their personal accounts except their First Bank accounts.
The impact extended further. First Bank’s CEO at the time, Dr. Adesola Adeduntan, abruptly resigned in April 2024, eight months before the end of his tenure and less than a month after the fraud was uncovered. Adeduntan, who led First Bank for nine years and “left to pursue other interests,” was initially replaced as CEO by First Bank’s board in April 2021.
The Central Bank blocked that decision, claiming First Bank’s board acted without regulatory approval, which allowed Dr. Adeduntan to serve an unprecedented third term. One publication suggested concerns over his tenure led to his resignation in April.
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