Tee

“I have never seen a police officer carry a driver to one side to search him away from where his car is parked on the road.” -Young man says as he shares a video of his encounter with some police officers today in Lagos State.

A First Bank employee named Tijani Muiz Adeyinka worked on the electronic products team. His job gave him legitimate access to process reversals for customers. He used that access to credit merchant accounts with money that was not theirs. The fraudulent postings went to his wife's Zenith Bank account first. From there to 34 other accounts. Which then spread to 1,190 secondary accounts across multiple banks. By the time First Bank noticed and reported it to the Nigeria Police Force on March 25, 2024...the figure had grown from ₦12 billion to ₦40 billion. He was already on the run. Three court orders across Lagos and Jalingo were obtained to freeze accounts. Some of the money had already been converted to USDT through crypto traders. This is what insider fraud actually looks like in Nigerian banking. Not a dramatic hack. A staff member. A privileged function. No second authorization required. If your system allows any single person to trigger financial transactions without a second approval layer that is your vulnerability. Segregation of duties is not bureaucracy. It is what stands between your system and ₦40 billion walking out the door.

Some policemen stopped them for a routine stop-and-search, but what happened next will shock you 😲… The Nigeria Police Force really needs to address issues like this.