The Federal Excessive Courtroom sitting in Ikoyi, Lagos, has ordered the ultimate forfeiture of the sum of N1,292,798,746.81, stolen by some people from Sterling Bank Plc because of a system glitch, to the Federal Authorities of Nigeria in favour of the monetary establishment.
Justice D.I. Dipeolu handed the decision, in response to an announcement by the Financial and Monetary Crimes Fee (EFCC) on Saturday.
The cash was stated to have been criminally withdrawn by some people owing to a system glitch skilled by Sterling Bank Plc.
EFCC Investigation and Prosecution
- In response to the Fee, upon receipt of a petition from the bank alleging a N2.5bn theft, the investigation led to the identification and tracing of the stolen funds to numerous accounts.
“The sums sought to be forfeited had been domiciled in M Sharif Inter-Buying and selling and Advertising and marketing Firm Ltd.’s UBA account (N900,000,000); Mustapha Abubakar’s UBA account (N255,872,842.84); Mustapha Sharif Abubakar’s UBA account (N12,195,093); Mustapha Sharif Abubakar’s Jaiz Bank (N41,119,917.13); Abubakar Mustapha Sharif’s First Bank account (N19,069,567.73); and Mustapha Sharif Abubakar’s Sterling Imal (the choice bank account) (N30,850,158.12),” the assertion partly reads.
What Transpired in Courtroom
- The courtroom had, on March 12, 2025, granted an interim forfeiture order of the funds and in addition directed the publication of the identical in a nationwide every day for any get together to point out trigger why the cash shouldn’t be lastly forfeited to the Federal Authorities.
- A movement on discover dated January 8, 2025, and filed by the Financial and Monetary Crimes Fee, EFCC, via its counsel, Hannatu U. KofarNaisa, was subsequently moved in courtroom.
- Transferring the movement for the ultimate forfeiture order, the EFCC authorized staff advised the courtroom that the cash was moderately suspected to be proceeds of illegal actions and deserved to be forfeited completely.
- The EFCC additionally knowledgeable the courtroom that the Fee had revealed the interim forfeiture order in The Punch newspaper of March 24, 2025, for any get together to point out trigger why the ultimate order of forfeiture shouldn’t be made in favour of the Federal Authorities of Nigeria.
- Justice Dipeolu, after listening to the submissions by the EFCC, held that “having gone via the movement and attachments, I discover the appliance meritorious and similar is accordingly granted.”
- Consequently, the choose ordered the ultimate forfeiture of the cash to the Federal Authorities of Nigeria in favour of Sterling Bank Plc.
Associated Improvement
A associated improvement occurred in 2024 when a Federal Excessive Courtroom, Abuja, granted an interim freezing order in opposition to a number of accounts in FairMoney Microfinance Bank Ltd, PalmPay Restricted, and Opay Digital Providers Restricted, mandating the organizations to reverse N139,630,000 credited to a few of their prospects and account holders on account of a “system glitch” at TAJ Bank Ltd.
The order was made following a movement ex parte filed by TAJ Bank Ltd and 6 of its prospects on July 23, 2024, in go well with quantity FHC/ABJ/CS/1018/2024 in opposition to the three organizations.
The Nigerian Interbank Settlement System Plc was listed because the fourth respondent.
A marketing consultant advises that by adopting safer banking habits, strengthening institutional safety frameworks, and fostering stronger collaboration amongst stakeholders, monetary establishments can reduce dangers whereas persevering with to take pleasure in the advantages of a safe and environment friendly digital monetary system.
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