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Nairaland Forum / Nairaland / General / Politics / First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal (1775 Views)
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First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by bestofnollywood: 6:21pm On Aug 07 |
In July 2024, First Bank of Nigeria terminated more than 100 employees following the discovery of a massive fraud orchestrated by Tijani Muiz Adeyinka, a manager on the operations team. Adeyinka allegedly siphoned ₦40 billion over two years by exploiting his authorization to approve chargebacks into accounts he controlled. According to an exclusive report by Apples Bite, at least 120 employees from First Bank’s operations department, including both full-time and contract staff, were issued termination letters. The head of transactions at the time was also dismissed due to alleged negligence. These employees were accused of failing to detect the fraudulent activities, raising suspicions about their role in the scandal. First Bank’s management asserted that such a large-scale fraud could not have been executed without the involvement or awareness of Adeyinka’s superiors. “The CEO emphasized a zero-tolerance policy for supervisory negligence,” stated a First Bank employee who requested anonymity. Apples Bite initially broke the story in May, detailing how Adeyinka, as the final authorizer on his team, conducted the fraudulent scheme undetected for two years. When the fraud was exposed in March, the bank initially tried to keep the issue confidential by indefinitely suspending several operations team members. However, after the scandal went public, First Bank took a more aggressive approach. Several employees were interrogated by the Nigerian Police Force (NPF) and detained at the Lion’s Building for over six hours, according to sources familiar with the situation. These individuals were required to post bail before being released, and restrictions were imposed on all their personal accounts except those with First Bank. First Bank did not immediately respond to requests for comments. The repercussions of the fraud scandal may have extended beyond the immediate dismissals. In April, First Bank’s CEO, Dr. Adesola Adeduntan, unexpectedly resigned just eight months before the end of his tenure and less than a month after the fraud was uncovered. Dr. Adeduntan, who had served as First Bank’s CEO for nine years, left to “pursue other interests.” He was initially replaced as CEO by the bank’s board in April 2021, but the Central Bank blocked the move, citing a lack of regulatory approval. This intervention allowed Dr. Adeduntan to continue for an unprecedented third term. Speculation suggests that concerns about his tenure contributed to his resignation in April. Source.. https://applesbite.com/first-bank-fires-over-100-employees-amid-%e2%82%a640-billion-fraud-scandal/ 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Oilwell(m): 6:22pm On Aug 07 |
Na So 1 Like 1 Share
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Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Remman(m): 6:30pm On Aug 07 |
Na person wey him refuse to settle well nai blow the whistle. No how wey them for fit catch am. But i'm not surprised, as this is not new and there are thousand others in all the banks especially Access and GTB banks. Ecobank recently caught theirs. The criminals in GTB and Access banks would be cutting about N20 and below from your account monthly and you won't receive alert or notice it unless you pay high attention to every dime in your wallet. 2 Likes |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by jaeyking(m): 6:45pm On Aug 07 |
Remman: If you are so sure about the cutting You can easily report And not here 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Remman(m): 6:56pm On Aug 07 |
jaeyking:I am a million percent sure but i'm too too big to go and complain about a N20 or so cut (I suppose it's the reason the scammers do it because no one with over N4million or so would want to complain about a N20 cut for both active and dormant accounts). 5 Likes |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by jaeyking(m): 7:05pm On Aug 07 |
Remman: Since you cannot go and complain in the bank Then don't complain over here Thanks 5 Likes 1 Share |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Melagros(m): 7:06pm On Aug 07 |
COMRADES, I think insurance company is the one to pay for the damage (na play oo) ![]() ![]() I don't know why some Nigerians enjoy fraud 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by gnykelly(m): 7:11pm On Aug 07 |
Banks in Nigeria need active and constant audit. The get rich quick syndrome in the Nigerian blood is too much. 2 Likes 1 Share |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Baronthecelebri: 7:39pm On Aug 07 |
40bn, the money too much 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Remman(m): 8:00pm On Aug 07 |
jaeyking:Who is complaining over here or enlightening others and exposing them... Reading is possible for you but understanding? Not much! 2 Likes |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by omowolewa: 8:03pm On Aug 07 |
That is really serious |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by eDoctorr(m): 8:12pm On Aug 07 |
Remman: You nailed him. |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Adaisback(f): 8:20pm On Aug 07 |
When it comes to fraud, you can never beat the lower south, that part of the south that is married to the north. From the oga on top to their king of kings to even the beggars on the street, only very few that truly love Christ re left out. No one should mention me o, I no call name o 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by LagosPrince: 8:22pm On Aug 07 |
Tijani muiz adeyinka why na Sophisticated fraudster 1 Like 1 Share |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by colossus91(m): 8:28pm On Aug 07 |
Remman: Boss I can relate, I have a sum there too after interest they remove 1.5k stamp duty every damn month and I don’t even transact with the account at all |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Aremwayne: 8:30pm On Aug 07 |
jaeyking:Are you a criminal banker ? Why are you pained ? 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by PARADIZEPRIEST: 8:44pm On Aug 07 |
This is daziani partner in crime,fear women,man dey steal na small woman go selll you finish b4 you know.as intoxicating pussy is involved ![]() |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by BigYash: 8:47pm On Aug 07 |
Remman:He might be doing same where he works. The thing dey pain am,as you dey talk about what he does probably. 2 Likes |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by press9jatv: 9:08pm On Aug 07 |
bestofnollywood:great job from first bank here |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by descartes400: 9:22pm On Aug 07 |
Remman: Multiply N20 by 50million accounts for 12months,what you get, multiply by 5years... Do you think they only do to one account holder? |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by ArinzeofAfrica: 9:23pm On Aug 07 |
Who learn forex trading on their own and is profitable. It's becoming...someone put me through a strategy please |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by jaeyking(m): 9:47pm On Aug 07 |
Aremwayne: If you have an issue lay it to the right channel |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by shortgun(m): 10:32pm On Aug 07 |
Not surprised here, anyone close to Tinubu must be involved in one illegal activity or another |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by manmade(m): 11:08pm On Aug 07 |
jaeyking:why are you trying to gag him or determine the medium through which he vet his complaints? I just hope it's not what I'm thinking about you 🤔 |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Remman(m): 8:12am On Aug 08 |
descartes400:They actually do it to many accounts but one day, they'll be caught. It's always like that. 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by Remman(m): 8:14am On Aug 08 |
BigYash:You're right, I thought as much. 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by iwaeda: 8:20am On Aug 08 |
bestofnollywood:Nlfpmod, 51% of most of these people in banks are fraudulent, I am always alarmed, anytime I do 'big transfer' before get to my car a scammer will be calling me, text will be sent. Hope they are prosecuted, many of them will be here praising bad government. If your money is stolen when your bank is hacked, banks will not reverse it, even when you have evidences, they will be asking you to get police reports. Those ones will bill you as if they have seen omo baba olowo. In USA, your money will be refunded. 1 Like |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by jaeyking(m): 4:08pm On Aug 08 |
manmade: Who cares about your thoughts in a faceless forum |
Re: First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal by manmade(m): 4:18pm On Aug 08 |
jaeyking:The question is if you're not into the same practice he is trying to expose or benefitting from it one way or the other , why the fuss? |
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