As part of the ₦2.5 billion pilfered from Sterling Bank, the Federal High Court in Ikoyi, Lagos State, has ordered the ultimate forfeiture of ₦81,108,143.8 to the Federal Government of Nigeria.
According to information obtained by Naija News, on Monday, March 9, 2026, Judge Yelim Bogoro issued a ruling in favor of Sterling Bank Plc in response to a notice motion submitted by the Economic and Financial Crimes Commission (EFCC) via its attorney, Hannatu U. KofarNaisa.
Due to a technical error at the bank, some Sterling Bank clients stole ₦2.5 billion, of which ₦81,108,143.8 was transferred to their own use and to the use of certain third-party beneficiaries.
The EFCC began investigations after receiving a petition from the bank on July 18, 2022. These investigations resulted in the identification and tracing of the stolen cash to multiple accounts, including one belonging to a client named Sulaiman Kehinde Ojora, who was one of the main benefactors of the massive fraud.
Further investigation showed that Sulaiman Kehinde Ojora had fraudulently hidden ₦122,200,009.00 in his wife Aminat Olatanwa Ojora’s account (Account No. 0072889319) at Sterling Bank and ₦43,000,000 in the account of his friend Taiwo Oluwaseyi Alawode (Account No. 1233126860) at Access Bank.
The court issued an interim forfeiture order for the fund on October 2, 2025, ordered that it be published in a national newspaper, and invited any interested parties to provide justification for why the funds should not be ultimately forfeited to the federal government.
H.U. KofarNaisa, the EFCC’s counsel, moved the request for the final forfeiture order on Monday, citing an affidavit from Maina Gapani Gyal, an EFCC investigator, as support for the application.
Gyal said in the affidavit that he was one of the Commission’s employees tasked with looking into the petition about the purported massive fraud that was received on July 18, 2022.
“That over N2,500,000,000.00 (Two Billion Five Hundred Million Naira) was stolen by some bank customers and converted to their own personal use as well as the use of some third party beneficiaries,” Gyal stated.
The reported theft of more than N2,500,000,000.00 (two billion five hundred million naira) was caused by a technical error in the bank.
“That the bug allowed bank customers to transfer money illegally when their Sterling Bank accounts were not funded using the PAYATTITUDE Global Ltd banking platform (an e-bank wallet and a payment scheme subscribed by Sterling Bank PLC).”
According to KofarNaisa, Gyal added in the affidavit 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 aforementioned funds were fraudulently hidden in accounts 0072889319 belonging to Aminat Olatanwa Ojora domiciled in Sterling Bank PLC and 1233126860 belonging to Taiwo Oluwaseyi Alawode domiciled with Access Bank PLC, as indicated in schedule A to this application.”
“That the bank was able to recover the entire amount of N81,108,143.8 (Eighty One Million One Hundred And Eight Thousand One Hundred And Forty Three Naira Eight Kobo) from the massive fraud as described in paragraph 9 above and schedule A to this application, now sought to be finally forfeited.”
“That N490,349,000 (four hundred and ninety million, three hundred and forty-nine thousand Vaira) was also recovered from the bank’s internal ledger.”
As a result, KofarNaisa informed the court that there was a reasonable suspicion that the money was the proceeds of illegal activity. He also mentioned that the Commission had published the interim forfeiture order in The Punch newspaper on February 19, 2026, allowing any interested party to provide justification for why the Federal Government of Nigeria should not receive the final forfeiture order.
Judge Bogoro ruled that “having gone through the motion and attachments, I find the application meritorious and the same is accordingly granted” after hearing KofarNaisa’s arguments.
