Court Orders Final Forfeiture of N1.2bn Stolen From Sterling Bank

Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has mandated the final forfeiture of N1,292,798,746.81 (One Billion, Two Hundred and Ninety-two Million, Seven Hundred and Ninety-eight Thousand, Seven Hundred and Forty-six Naira, Eighty-one Kobo) to the Federal Government of Nigeria, benefiting Sterling Bank Plc. This amount was illicitly withdrawn due to a system glitch at Sterling Bank Plc.

Following a petition from the bank regarding the theft of N2.5 billion, the Economic and Financial Crimes Commission (EFCC) conducted an investigation that traced the stolen funds to several accounts. The funds designated for forfeiture were found in accounts belonging to M Sharif Inter-Trading and Marketing Company Ltd. (N900,000,000); Mustapha Abubakar (N255,872,842.84); Mustapha Sharif Abubakar (N12,195,093); Mustapha Sharif Abubakar at Jaiz Bank (N41,119,917.13); Abubakar Mustapha Sharif at First Bank (N19,069,567.73); and Mustapha Sharif Abubakar's alternative bank account at Sterling Imal (N30,850,158.12). The judge issued this order after reviewing a motion filed on January 8, 2025, by the EFCC's counsel, Hannatu U. KofarNaisa. Earlier, on March 12, 2025, the court had granted an interim forfeiture order for the funds and instructed publication in a national newspaper, allowing any interested parties to present their case against the final forfeiture. In support of the motion for final forfeiture, the EFCC's counsel argued that the funds were believed to be derived from criminal activities.

KofarNaisa also confirmed that the interim forfeiture order had been publicized in The Punch newspaper on March 24, 2025. After considering KofarNaisa's argument, Justice Dipeolu stated, "Having reviewed the motion and its attachments, I find the application to be valid and thus grant it." As a result, the judge ordered the final forfeiture of the funds to the Federal Government of Nigeria for the benefit of Sterling Bank Plc.