First Bank terminated 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.
Adeyinka, who remains at large, exploited his authorization to approve chargebacks to accounts he controlled.
Sources familiar with the matter revealed that at least 120 employees, including full-time and contract staff from First Bank’s large operations department, received termination letters in July. The head of transactions at the time was also dismissed.
The dismissed employees were accused of negligence in their duties, with the bank’s management team asserting that such a large-scale fraud over an extended period could not have occurred without the knowledge of Adeyinka’s superiors.
“The CEO said there will be zero tolerance for supervisory negligence,” said one First Bank employee who requested anonymity to speak freely.
The alleged fraud, which went unnoticed for two years, was first discovered in March. Initially, the bank attempted to keep the matter confidential, suspending several operations team members indefinitely. However, the bank adopted a more aggressive stance 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. Those detained had to post bail for their release. Additionally, restrictions were placed on all their personal accounts except their First Bank accounts.
First Bank did not immediately respond to requests for comments.
The fallout extended further, with First Bank’s CEO at the time, Dr. Adesola Adeduntan, abruptly resigning in April, eight months before the end of his tenure and less than a month after the fraud was uncovered. Dr. 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 move, claiming First Bank’s board acted without regulatory approval, allowing Dr. Adeduntan to serve an unprecedented third term. Some publications suggested that concerns over his tenure contributed to his resignation in April.
