Justice Yelim Bogoro of Federal High Court in Ikoyi, Lagos, ordered final forfeiture on Monday, March 9, 2026. The sum is N81,108,143.80 stolen from Sterling Bank.
This ruling mandates the funds’ transfer to the Federal Government of Nigeria. It favors Sterling Bank Plc, concluding the recovery of embezzled assets permanently.
Judge Approves EFCC’s Motion for N81.1m Final Forfeiture
The judge gave the order, following a motion on notice filed by the Economic and Financial Crimes Commission, EFCC, through its counsel, Hannatu U. KofarNaisa.
On October 2, 2025, the court granted an interim forfeiture order for the funds. It directed national newspaper publication for interested parties to show cause.
This step allowed objections before final forfeiture to the Federal Government. No valid claims emerged, paving way for the permanent order.
N81.1m Forfeited from N2.5bn Sterling Bank Glitch Theft
The forfeited N81.1 million formed part of over N2.5 billion stolen from Sterling Bank. Customers exploited a system glitch for personal and third-party gains.
Transfers occurred due to the bank’s technical failure, enabling unauthorized withdrawals. This led to investigations and court-ordered recovery of illicit funds.
Upon receipt of a petition from the bank on July 18, 2022 by the Commission, investigations had led to the identification and tracing of the stolen funds to various accounts.
Including that of a customer, Sulaiman Kehinde Ojora, who was one of the major beneficiaries of the monumental fraud.
Ojora Hid ₦43m in Friend’s Access Bank Account – EFCC Probe
Investigations revealed Sulaiman Kehinde Ojora hid ₦43 million in friend Taiwo Oluwaseyi Alawode’s Access Bank account (No. 1233126860) fraudulently.
He also concealed ₦122.2 million in wife Aminat Olatanwa Ojora’s Sterling Bank account (No. 0072889319), evading detection.
EFCC counsel H.U. KofarNaisa moved final forfeiture motion Monday, backed by investigator Maina Gapani Gyal’s affidavit.
EFCC’s Gyal Investigated Sterling Bank’s 2022 Fraud Petition
Gyal said: “That over N2,500,000,000.00 (Two Billion Five Hundred Million Naira) was stolen by some customers of the bank and converted to their own personal use as well as to the use of some third party beneficiaries.”
“The said fraud and unauthorized transfer of funds was due to a system glitch in the bank wherein the over N2,500,000,000.00 (Two Billion Five Hundred Million Naira) was allegedly stolen.”
“That the glitch gave customers of the Bank an opportunity using the”
“PAYATTITUDE Global Ltd banking platform (an e-bank wallet and a payment scheme subscribed by sterling bank PLC), to illegally transfer funds when their Sterling Bank accounts were not funded.”
Gyal’s affidavit, as noted, stated the bank couldn’t salvage N295,916,201.02 from monumental fraud. Customers withdrew and converted the funds entirely.
Petitioner: N295m Lost in Sterling Bank Glitch Theft
Fraudsters concealed funds in Taiwo Oluwaseyi Alawode’s Access Bank account 1233126860.
This matches Schedule A of the application.
Additional concealment occurred in account 0072889319 of Aminat Olatanwa Ojora at Sterling Bank PLC. Investigations exposed these hiding spots fully.
“That the bank was able to salvage the total sum of N81,108,143.8
N81.1m from Monumental Fraud Detailed in Para 9 Forfeited
The N81,108,143.80, eighty-one million one hundred eight thousand one hundred forty-three naira eight kobo—stems from monumental fraud detailed in paragraph 9.
This sum, listed in Schedule A of the application, now faces final forfeiture to the Federal Government after court proceedings.
“That the Bank was also able to salvage the total of N490,349,000 ( Four Hundred and Ninety Million, Three Hundred and Forty Nine Thousand Vaira) from the Banks’ Internal Ledger.”
