First Bank Sacks Over 100 Employees After N40 Billion Fraud Scandal

First Bank of Nigeria has terminated over 100 employees following the revelation of a N40 billion fraud orchestrated by Tijani Muir Adeyinka, a manager in the operations team, Eko Hot Blog reports.

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This discovery, made public in May by TechCabal, highlighted how Adeyinka exploited his position to authorize chargebacks to accounts he controlled over a span of two years, going unnoticed until early this year.

By July, at least 120 full-time and contract employees from the bank’s operations department received termination letters.

Among those dismissed was the head of transactions at the time, indicating the extent of the internal fallout.

The bank initially sought to handle the situation discreetly, suspending several operations team members indefinitely.

However, the response intensified as the scandal became widely known. Employees were interrogated by the Nigeria Police Force and detained at the Lions Building for several hours before being released on bail.

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Restrictions were placed on their personal accounts, barring access to any non-First Bank accounts.

This major internal upheaval also led to the abrupt resignation of First Bank’s CEO, Dr. Adesida Adeduntan, in April, eight months before his tenure was due to end.

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