First Bank terminated over 100 employees, just four months after uncovering an alleged ₦40 billion fraud orchestrated by Tijani Muiz Adeyinka, a manager within the bank’s operations team.
The details of the scheme, first reported by TechCabal, reveal that Adeyinka, who is currently at large, exploited his position to authorize chargebacks to accounts under his control over a span of two years.
According to two sources with direct knowledge of the situation, at least 120 employees, including both full-time and contract staff from First Bank’s operations department, received termination notices in July.
Among those dismissed was the head of transactions. The fired employees were accused of negligence, with the bank’s management asserting that such a significant and prolonged fraud could not have occurred without the knowledge—or at least the oversight—of Adeyinka’s superiors.
“The CEO emphasized a zero-tolerance policy towards supervisory negligence,” stated a First Bank employee who requested anonymity to speak freely.
Adeyinka, who had final authorization on his team, managed to conduct his fraudulent activities undetected for two years.
When the fraud was uncovered in March, the bank initially attempted to manage the situation discreetly, suspending several operations team members indefinitely. However, the approach shifted after the fraud became public knowledge, leading to a more aggressive stance by the bank.
Sources indicated that multiple employees were interrogated by the Nigerian Police Force and detained at the Lion’s Building for several hours. These employees were only released after posting bail, and restrictions have been placed on their personal bank accounts, with the exception of their First Bank accounts.
The fallout from the scandal may have reached the bank’s top leadership. Dr. Adesola Adeduntan, First Bank’s CEO at the time, abruptly resigned in April 2024, eight months before his tenure was set to end and less than a month after the fraud was uncovered. Adeduntan, who had led the bank for nine years, officially left to “pursue other interests.”
His departure followed an earlier attempt by the board to replace him in April 2021, which was blocked by the Central Bank due to concerns over regulatory approval. Some reports suggest that lingering concerns over his leadership contributed to his resignation in April.
