Judiciary
Court Orders Final Forfeiture of ₦81.1m as Part of ₦2.5bn Stolen from Sterling Bank
Justice Yelim Bogoro of the Federal High Court sitting in Ikoyi, Lagos, on Monday, March 9, 2026, ordered the final forfeiture of the sum of ₦81,108,143.08 (Eighty-one million, one hundred and eight thousand, one hundred and forty-three naira, eight kobo) to the Federal Government of Nigeria in favour of Sterling Bank Plc.
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.
The court had, on October 2, 2025, granted an interim forfeiture order on the funds and also directed the publication of the order in a national newspaper for any interested party to show cause why the money should not be finally forfeited to the Federal Government.
The money was part of the over ₦2,500,000,000 (Two billion, five hundred million naira) stolen by some customers of Sterling Bank and transferred for their personal use as well as to third-party beneficiaries due to a system glitch experienced by the bank.
Upon receipt of a petition from the bank on July 18, 2022, the Commission commenced 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 fraud.
Investigations further revealed that 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 in the account of his wife, Aminat Olatanwa Ojora (Account No. 0072889319), domiciled in Sterling Bank.
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 Maina Gapani Gyal, an investigator with the EFCC.
In the affidavit, Gyal stated that he was one of the operatives of the Commission assigned to investigate the petition received from the bank on July 18, 2022, regarding the alleged fraud.
He stated:
“That over ₦2,500,000,000 (Two billion, five hundred million naira) was stolen by some customers of the bank and converted to their personal use as well as to the use of third-party beneficiaries.
“The fraud and unauthorized transfer of funds occurred due to a system glitch in the bank, which enabled customers to exploit the system and steal the funds.”
He added that the glitch allowed customers to use the PAYATTITUDE Global Ltd banking platform (an e-wallet and payment scheme subscribed to by Sterling Bank Plc) to illegally transfer funds even when their Sterling Bank accounts were not funded.
According to him, the petitioner alleged that the bank was unable to recover the total sum of ₦295,916,201.02 (Two hundred and ninety-five million, nine hundred and sixteen thousand, two hundred and one naira, two kobo) from the fraud, as the funds had been withdrawn and converted by the bank’s customers.
He further stated that the funds were fraudulently concealed in Account No. 1233126860 belonging to Taiwo Oluwaseyi Alawode, domiciled in Access Bank Plc, and Account No. 0072889319 belonging to Aminat Olatanwa Ojora, domiciled in Sterling Bank Plc.
Gyal added that the bank was able to salvage the total sum of ₦81,108,143.08, which is now being sought for final forfeiture, as well as ₦490,349,000 (Four hundred and ninety million, three hundred and forty-nine thousand naira) from the bank’s internal ledger.
KofarNaisa therefore told the court that the money was reasonably suspected to be proceeds of unlawful activities.
She also informed the court that the Commission had published the interim forfeiture order in The Punch newspaper of February 19, 2026, inviting any interested party to show cause why the final forfeiture order should not be made in favour of the Federal Government of Nigeria.
Justice Bogoro, after listening to the EFCC counsel’s submissions, held:
“Having gone through the motion and attachments, I find the application meritorious and the same is accordingly granted.”
Consequently, the judge ordered the final forfeiture of the money to the Federal Government of Nigeria in favour of Sterling Bank Plc.
Article
POLITICS AND LAWYERS: PRACTICE WHAT YOU PREACH – JUSTICE TAIWO (RTD.)
I am a lawyer. I studied law and have remained in the practice of law in memory of my late mother, who paid for me to study law at Holborn Law Tutors in the UK. I eventually continued my legal education at the University of Ibadan and graduated from there. She paid almost £7,000 upfront for one year, which was the total tuition fee for one year at that private law school. I will be eternally grateful to her. May her soul continue to rest in perfect peace. We all know what the exchange rate would be today.
In her memory, I decided to remain in the practice of law throughout my legal practice and thereafter, even until now. I tried my hand at property marketing at one time, but I had to drop it, even though I made some money from it. I stopped because it was affecting my legal practice.
There is nothing you do, from my point of view, outside your profession that will not affect your profession. Politics is one of them. Politics itself is an art and a profession, but I must add that, if it is truly for the people and the betterment of the people, it is a good one.
One of the most respected politicians in this country was Chief Obafemi Awolowo, of blessed memory. He practised law and politics successfully, but he was more of a politician. He used his knowledge of law to better the lot of so many people during his lifetime, and, till today, his name remains a reference point in using politics to serve humanity.
Mahatma Gandhi was first a lawyer before he became a politician to serve his people. His name is known more in politics than in law.
Chief F.R.A. Williams was a politician until he dropped politics to devote his entire life to law. He was not a crossbreed. His pathological devotion to law can be seen and read in the political history of Nigeria. In legal practice, to which he committed his entire life after publicly renouncing politics, his invaluable impact is evident in law books, legal records and law reports. He was an enigma and an icon who will forever be remembered, like others too numerous to name, who stayed in the service of law.
The lawyer is meant to be the beacon of society. The lawyer’s creed is to ensure that society is governed according to the law. Chief Gani Fawehinmi was the people’s lawyer. He used the law to better the lot of society. His foray into politics was disastrous because the perception of the lawyer in practice and the lawyer in politics are not symbiotic. They are strange bedfellows.
The people may hail the lawyer in law, but not the lawyer in politics. The ingredients you add to the soup that make a lawyer are different from the ingredients you add to the soup that make a politician. Femi Falana, SAN, my dear friend, was in the same boat as the late Chief Gani Fawehinmi. I feel him more in law now than when he did both.
A lawyer is known to keep to his or her word. Robert Traver, in his book The Anatomy of Murder, stated thus:
“That’s what makes the practice of law, like prostitution, one of the last of the unpredictable professions—both employ the seductive arts, both try to display their wares to best advantage and both must pretend enthusiastically to woo total strangers.”
Joseph Story lived from 1779 to 1845. He was an American lawyer, politician and jurist who served as an Associate Justice of the United States Supreme Court from 1812 until his death in 1845. He stated thus:
“I will not say….that ‘The law will admit of no rival’, but I will say that it is a jealous mistress, and requires a long and constant courtship. It is not to be won by trifling favours…”
Henry David Thoreau (1817–1862) was not a lawyer. He was an American essayist, poet and philosopher. He said:
“The lawyer’s truth is not Truth, but consistency, or a consistent expediency. Truth is always in harmony with herself, and is not concerned chiefly to reveal the justice that may consist with wrongdoing.”
I have gone through the lawyer’s creed, which is to uphold the rule of law, personal dignity and independence; to offer faithfulness, competence, diligence and good judgment while providing vigorous and honest representation without sacrificing professional ethics; to practise with fairness, integrity and civility, avoiding malicious tactics, unnecessary delays or abusive discovery; to show profound respect, candour and courtesy, ensuring that the search for truth and justice remains uncompromised; to the court or tribunal; to make justice accessible to the poor; and to protect the legal profession as a noble calling rather than a mere business.
I have gone this far in order to buttress the topic for discussion. The practice of law and politics can never converge. You cannot be a master of both. You can be successful in both, no doubt, but along the way, there are sacrifices that will most likely be at cross-purposes with the law.
Very few lawyers, like Chief F.R.A. Williams, of blessed memory, have sacrificed politics for law. The political lawyer will criticise anything, even when the law is clear that, without evidence, you are not expected to speculate.
Nowadays, many lawyers in politics take to the airwaves and the print media, especially in this era of social media, to generalise when making statements. How can a lawyer, trained in the practice of law, make general statements on any topic, especially these days when the judiciary, even in retirement, has become a topic for discussion without any evidence? How can people make general statements about Senior Advocates of Nigeria or lawyers generally?
It is pathetic that those who ought to know, by virtue of their level of education, professional qualifications and recognition in the legal community, are more guilty of this. How can a lawyer remain silent even when injustice happens in front of him and behind him, too, but he keeps quiet?
Many keep quiet these days because they want to satisfy their paymasters, even when it is glaring that the legal profession is suffering from their silence and/or complicity and complacency. These days, many voice personal opinions without let or hindrance for personal and political reasons. Some attack their professional colleagues, even the judiciary, when they cannot get what they want, but they must vent their anger on someone. Some are paid to attack or bring down their fellow colleagues, whether at the Bar or on the Bench.
I like the Yoruba language a lot. I am sorry I will not be able to interpret the idioms I will use:
“Tó bá máa jẹ Oshakala, jẹ Oshakala; tó bá máa jẹ Oshokolo, jẹ Oshokolo. Oshakala, Oshokolo kò yẹ ọmọ ènìyàn.”
“Arítení mo ń wí, àfi àpáàdì bó tiẹ̀ mọ́lẹ̀.”
“Kò sí ẹni tí a máa sí idi ẹ̀, tí a kò ní bá ẹ̀ẹ̀pà níbẹ̀.”
Apologies to those who will read this who are not Yoruba, or those who are Yoruba but do not understand these idioms.
To those who criticise, not out of holiness per se, not out of being a “straight” lawyer or simply out of a desire to be fair, but generalise in order to look good or elicit unmerited applause, look in the mirror and think back to whether you have not done anything you accuse others of doing.
In writing or criticising generally, come out, but most importantly, PRACTISE WHAT YOU PREACH BEFORE YOU CRITICISE.
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