First Bank Fires Over 100 Employees Amid ₦40 Billion Fraud Scandal

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.