- Over 100 First Bank employees were sacked because of a manager’s fraudulent transaction
- The manager, Tijani Muiz Adeyinka, who is on the operations team, was accused of N40 billion fraud
- The bank’s management believed that fraud of that amount in 2 years couldn't have been executed without the awareness of some superiors
Over 100 employees, including full-time and contract staff, were fired by First Bank in July 2024.
This action was prompted by significant fraud committed by Tijani Muiz Adeyinka, a manager on the operations team at First Bank, who was accused of orchestrating N40 billion fraud.
Allegedly on the run, Adeyinka is accused of having used his role to approve chargebacks to accounts under his control for two years.
According to management, the large operations department employees were charged with negligence, as it was believed that such a major fraud could not have happened without either being involved or major oversight issues.
Others were secretly suspended
Many members of the operations team were suspended indefinitely as part of the initial effort to address the situation discreetly.
Dr. Adesola Adeduntan, who was the CEO of the bank, resigned abruptly in April 2024, eight months before the end of his tenure. His resignation came shortly after the fraud was uncovered and during a period of intensifying pressure on the bank’s leadership.
Police interrogates staff, accounts get restricted
Numerous employees were interrogated by the Nigerian Police Force (NPF) and held at the Lion’s Building for a minimum of six hours. They had to post bail for their release, and restrictions have been imposed on all their accounts except for their First Bank accounts.
The employees were blamed for not executing their duties effectively and were told they should have detected the fraud earlier.
Fraud couldn’t have happened without superiors
First Bank’s management believed that a fraud of this size and timeframe could not have been executed without the awareness of Adeyinka’s superiors.
For two years, Adeyinka, who was the last line of approval on his team, carried out his fraudulent scheme without detection.
When the fraud was detected in March, the bank sought to keep it under wraps by suspending several operations team members indefinitely.
However, First Bank’s reaction intensified when the fraud became public.
Nationwide protests: Banks warn workers to remain vigilant
Meanwhile, TheRadar previously reported that banks and other financial sector employers expressed concern over the protest and advised workers to stay vigilant.
Despite concerns, Olusoji Oluwole, President of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), said that the motivation behind the protest was understandable due to the widespread hardship affecting Nigerians.