RismadarVoice Reporters, March 10, 2026
Justice Yelim Bogoro of the Federal High Court, Ikoyi, has ordered the final forfeiture of N81,108,143.08 to the Federal Government of Nigeria, in favour of Sterling Bank Plc.
The order followed a motion filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, Hannatu U. KofarNaisa.
The court had earlier, on October 2, 2025, granted an interim forfeiture order and directed its publication in a national newspaper to allow any interested party to contest the matter.
The funds were part of over N2.5 billion stolen from Sterling Bank customers through a system glitch that allowed unauthorized transfers to personal and third-party accounts.
Investigations traced the stolen funds to several accounts, including that of Sulaiman Kehinde Ojora, one of the major beneficiaries.
Ojora allegedly concealed N43 million in the account of his friend, Taiwo Oluwaseyi Alawode (Access Bank), and N122.2 million in the account of his wife, Aminat Olatanwa Ojora (Sterling Bank).
EFCC investigator, Maina Gapani Gyal, in an affidavit supporting the motion, explained that the PAYATTITUDE Global Ltd banking platform, an e-wallet and payment scheme subscribed to by Sterling Bank, allowed the illegal transfers even when accounts had insufficient funds.
The bank was able to recover N81,108,143.08, which the EFCC sought to be finally forfeited to the Federal Government.
An additional N490,349,000 was recovered from Sterling Bank’s internal ledger accounts.
EFCC counsel told the court that the funds were proceeds of unlawful activities and noted that the interim forfeiture order had been published, with no objections filed.
After reviewing the submissions, Justice Bogoro ruled the application meritorious and granted the final forfeiture of the N81.1 million to the Federal Government in favour of Sterling Bank Plc.
