E-Financial
First Bank Employee on the Run after Allegedly Diverting N40Bn

First Bank of Nigeria has initiated legal proceedings to recover substantial sums of money allegedly embezzled by an employee.
The bank, which boasts a market capitalization of ₦829 billion, reported the incident to the Nigerian Police Force on March 25, 2024, and subsequently obtained multiple court orders to freeze accounts linked to the stolen funds.
The employee—who is currently at large—is accused of transferring those monies to 98 bank accounts—including his wife’s—that were identified as first beneficiaries.
The bank received three court orders between April 4–8, 2024, to block hundreds of bank accounts that were allegedly receiving the stolen funds after reporting the incident to the Nigerian Police Force on March 25, 2024.
While the initial amount found to be diverted was approximately ₦12 billion, three people with direct knowledge of the incident told TechCabal that it currently stands at approximately ₦40 billion ($29 million).
According to a First Bank employee with knowledge of the situation, the employee, named in court documents as Tijani Muiz Adeyinka, was authorized to handle customer reversals in her capacity as a manager on the electronic products team. It implied that he was in charge of an account from which he could credit merchant accounts and process those reversals.
Instead, Muiz allegedly used that power to credit customer requests for reversals to a merchant under his control. He purportedly did not require any additional authorizations because he was the team’s final line of authorization, which allowed him to continue misappropriating client funds for nearly two years without being discovered.
His plot was eventually uncovered when a client filed a complaint, which was then forwarded to the internal control department of the bank. After identifying multiple questionable transactions, the control unit informed the authorities.
“We hereby bring to your notice the discovery of fraudulent transactions into various transactions within and outside the bank and request your good offices to set up the machinery of investigation in place with a view to unravel the circumstances surrounding the said fraud and get the culprits apprehending to face the wrath of the law,” read a letter dated May 10, 2024, from First bank to the Lagos State Commissioner of Police.
First Bank ignored TechCabal’s repeated calls and emails asking for comments.
An inquiry for comments was not immediately answered by a Nigerian Police Force spokesperson. An inquiry for comments was not answered by the Economic Financial Crimes Commission (EFCC) spokesperson.
“I discovered that one Muiz Tijani Adeyinka, a former staff of First Bank was involved in the nefarious posting of fraudulent transactions,” read a statement from the investigating Police officer in charge of the case signed March 26, 2024.
“It was discovered that he made some fraudulent transactions to his wife’s account number (name withheld) domiciled with Zenith Bank, which in turn transferred to other beneficiaries totaling thirty-four accounts which also gave birth to second beneficiaries domiciled with other banks totaling 1,190 accounts,” the statement added.
First Bank did not disclose the amount of money that was stolen in any of the numerous court filings or complaints.
Along with requesting that the Police “unravel the circumstances surrounding the fraud,” it remained silent on how the money was acquired.
Fraud is still a major problem in Nigeria’s financial services sector, even though there was a decrease in cases reported in Q1 2024.
The largest banks in the nation are frequently the target of fraud attacks, despite fintech startups receiving disproportionate attention.
E-Financial
African Union Launches Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience in Africa with the launch of the African Credit Rating Agency (AfCRA).
The new agency aims to provide a fair, transparent, and unbiased credit rating system, addressing the biases of global rating firms that have reportedly cost Africa over $75 billion in investment opportunities.
According to Kenya’s President, William Ruto, who unveiled the agency at an AU event in Addis Ababa, Ethiopia on Friday, “Global credit rating agencies have not only dealt us a bad hand, they have also deliberately failed Africa.”
Ruto criticized the flawed models, outdated assumptions, and systemic bias used by global rating agencies, which paint an unfair picture of African economies and lead to distorted ratings, exaggerated risks, and unjustifiably high borrowing costs.
The launch of AfCRA is a response to the long-standing grievances of African countries regarding their treatment by international credit rating firms.
The agency aims to provide fair, transparent, and development-focused credit ratings that reflect the realities and potential of African economies.
Improving Africa’s rating by one notch could unlock $15.5 billion in additional funding for the continent, according to Ruto.
The idea of creating an African credit rating agency has been in the pipeline for years, with the AU officially announcing its plans to move forward with the project in September 2023.
The push for an African credit rating agency gained momentum in 2022 when Senegal’s former president Macky Sall called for a new system to “end the injustices” faced by African countries.
The African Credit Rating Agency is part of Africa’s continuous march towards economic resilience, which also includes the recent establishment of the African Energy Bank, headquartered in Nigeria.
The bank aims to provide support to unleash Africa’s energy potential and bring an end to energy poverty on the continent.
E-Financial
Nigeria Worst Hit by Crypto Currency Fraud

Fraud in the crypto industry in African continent has soared by 48 percent over the past year and Nigeria is worst hit according to report by CAJ News.
This is according to the Sumsub State of the Crypto Industry 2025 report, which indicates Nigeria recorded the highest rate of fraud across the sector, at 8,3 percent.
Thus, this percentage of verification attempts were flagged as fraudulent.
Uganda, Kenya and Tanzania all have fraud rates of 4,8 percent, with Cameroon (4,5 percent), Ethiopia (3,7 percent), Ghana (3,5 percent), Algeria (2,6 percent), Benin (2,6 percent) and Morocco (2,1 percent) recording significant rates.
The most popular fraud types are document forgery (affecting 31 percent of surveyed companies), phishing (20 percent) and money mulling (15 percent), followed by account takeover (14 percent) and forced verification (12percent).
Simsub, the cyber crime expert, believes this surge highlights the need for companies to adopt artificial intelligence (AI)-powered detection, biometrics and continuous monitoring to enhance security.
The report states that innovations like biometric checks, AI-backed automation and document-free verification have boosted crypto platform users’ on-boarding success rates to 93,39 percent and reduced verification time by 46 percent, overall improving customer on-boarding while reducing drop-off cases.
Hannes Bezuidenhout, Vice President of Business Development (Africa) at Sumsub, said Africa’s growing adoption of crypto provided its own challenges, but the company foresaw increasing demand and growing user expectations across the continent.
“So it’s crucial for VASPs operating in the region to implement secure verification systems and stay vigilant to fraud, while keeping an eye on evolving and new regulations concerning the crypto sector to avoid fines.”
VASP is an acronym for virtual asset service provider.
E-Financial
Banking Consolidation Less Likely as Nigerian Banks Meet Capital Requirements – Fitch

Fitch Ratings has said that Nigerian banks are making significant progress in raising core capital to meet new paid-in capital requirements. The rating agency noted that the banks are generally on track to meet the end-of-first quarter (Q1) 2026 deadline.
This is supporting a recovery in capitalisation from the impact of naira devaluation, providing fuel for business growth. It also reduces the likelihood of significant banking sector consolidation.
In March 2024, the Central Bank of Nigeria announced a significant increase in paid-in capital requirements (share capital plus share premium) for commercial, merchant and non-interest banks.
Banks have three ways to comply – through equity injections, M&A and downgrading their licence authorisation.
Fitch-rated banks have made notable progress towards compliance. Almost all have raised capital or formally launched the process to do so.
The two largest banks, Access Holdings and Zenith Bank, are the first to secure enough fresh capital to meet the N500 billion requirement for an international licence. First HoldCo, United Bank for Africa and Guaranty Trust Holding Company are taking a phased approach.
They have recently raised capital and have shareholder approval to begin raising more to meet the N500 billion requirement. First HoldCo’s and United Bank for Africa’s recent rights issues are awaiting final regulatory approval.
Fidelity Bank and FCMB Group have completed initial capital raisings but will need to raise more to maintain their international licences. As second-tier banks, they must raise significantly more capital relative to their balance sheets than larger banks.
They have extraordinary general meeting approval for this, although they could consider downgrading to a national licence as they each have just one foreign subsidiary.
Ecobank Nigeria Limited (ENG) and Jaiz Bank needed only small capital injections to meet their requirements and have already achieved compliance. We estimate that ENG is still in breach of its total capital adequacy ratio (CAR) requirement of 10 percent but it has further capital-raising plans to restore compliance. Stanbic IBTC Holdings has launched a rights issue to raise capital to maintain its national licence.
Strong investor appetite has ensured that the vast majority of capital raisings so far have been successful, and most first- and second-tier banks should be able to meet their new capital requirements through capital raisings alone. Therefore, we believe the likelihood of banking sector consolidation among first- and second-tier banks has decreased.
Union Bank of Nigeria (UBN), which is also in breach of its 10 percent CAR requirement, and third-tier banks have generally been slower to raise capital. Wema Bank has shareholder approval to raise enough capital to retain its national licence and plans to launch the process in April.
Coronation Merchant Bank recently received board approval. It is not clear whether UBN and unrated third-tier banks have received the necessary approvals. M&A activity and licence downgrades remain more likely among third-tier banks.
The capital raisings are contributing to a recovery in capitalisation from the impact of naira devaluation, which put pressure on capital ratios and increased US dollar credit concentration risks. Strengthened buffers over minimum CAR requirements will mitigate risks from a challenging operating environment, including regulatory intervention and further naira volatility, while providing room for business growth.
The capital raisings are unlikely to lead to banks with Long-Term Issuer Default Ratings (IDRs) of ‘B-’ being upgraded given the constraint of Nigeria’s ‘B-’/Positive Long-Term IDR.
However, they could contribute to Outlook revisions to Positive for some banks, and, providing CAR compliance is restored, to upgrades for UBN and ENG (both rated ‘CCC’). Capital raisings are more likely to affect National Long-Term Ratings, which measure the relative creditworthiness of Nigerian issuers.
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