Federal High Court sitting in Ikoyi, Lagos State, has ordered the final forfeiture of the sum of ₦81,108,143.8 to the Federal Government of Nigeria as part of the ₦2.5 billion stolen from Sterling Bank.
The judge, Justice Yelim Bogoro, gave the order in favour of Sterling Bank Plc on Monday, March 9, 2026, following a motion on notice filed by the Economic and Financial Crimes Commission (EFCC), through its counsel, Hannatu U. KofarNaisa.
The ₦81,108,143.8 was part of the ₦2.5 billion stolen by some customers of Sterling Bank and transferred to their own use and to the use of some third-party beneficiaries, owing to a system glitch at the bank.
Upon receipt of a petition from the bank on July 18, 2022, the EFCC initiated investigations, which 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.
Investigation further revealed that Sulaiman Kehinde Ojora fraudulently concealed the sum of ₦43,000,000 in the account of his friend, Taiwo Oluwaseyi Alawode (Account No. 1233126860), domiciled in Access Bank, and the sum of ₦122,200,009.00 in the account of his wife, Aminat Olatanwa Ojora (Account No. 0072889319), domiciled in Sterling Bank.
On October 2, 2025, the court granted an interim forfeiture order of the fund and directed its publication in a national newspaper, inviting any interested party to show cause why the money should not be finally forfeited to the Federal Government.
Moving the motion for the final forfeiture order on Monday, counsel to the EFCC, H.U. KofarNaisa, stated that the application was supported by an affidavit deposed to by an EFCC investigator, Maina Gapani Gyal.
In the affidavit, Gyal stated that he was one of the Commission’s operatives assigned to investigate the petition received on July 18, 2022, regarding the alleged monumental fraud.
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.”
KofarNaisa also said that Gyal, in the affidavit, also stated “That the petitioner alleged that the bank was unable to salvage the total sum of N295.916.201.02 (Two Hundred and Ninety Five Million, Nine Hundred and Sixteen Thousand, Two Hundred and One, Two Kobo) from the said monumental fraud, same having been withdrawn and converted by the Bank customers.
“That the said funds were fraudulently concealed in accounts number 1233126860 belonging to Taiwo Oluwaseyi Alawode domiciled with Access Bank PLC and account number 0072889319 belonging to Aminat Olatanwa Ojora domiciled in Sterling Bank PLC, as highlighted in schedule A to this Application.
“That the bank was able to salvage the total sum of N81,108,143.8 (Eighty One Million One Hundred And Eight Thousand One Hundred And Forty Three Naira Eight Kobo), out of the monumental fraud as highlighted in paragraph 9 above and schedule A to this Application, now sought to be finally forfeited.
“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.”
KofarNaisa, therefore, told the court that the money was reasonably suspected to have been proceeds of unlawful activities, adding that the Commission had published the interim forfeiture order in The Punch newspaper of February 19, 2026, for any interested party to show cause why the final order of forfeiture should not be made in favour of the Federal Government of Nigeria.
After listening to KofarNaisa’s submissions, Justice Bogoro held that “having gone through the motion and attachments, I find the application meritorious and the same is accordingly granted.”
