By George Omagbemi Sylvester
Justice Yelim Bogoro of the Federal High Court in Lagos has ordered the final forfeiture of ₦81,108,143.84 linked to a fraud case involving Sterling Bank Plc, directing that the funds be permanently forfeited to the Federal Government of Nigeria.
The ruling was delivered on Tuesday, March 10, 2026, during proceedings at the Federal High Court in Lagos after the Economic and Financial Crimes Commission (EFCC) filed a motion requesting the permanent forfeiture of the suspicious funds traced to several bank accounts connected to fraudulent transactions.
According to the EFCC, the money formed part of proceeds generated from a major electronic banking fraud that exploited a technical glitch within Sterling Bank’s digital payment infrastructure. The vulnerability allegedly enabled certain individuals to withdraw funds from unfunded accounts through the PayAttitude electronic wallet platform, resulting in unauthorized transfers.
Investigators disclosed that the fraud led to the diversion of over ₦2.5 billion, with portions of the illicit funds transferred to accounts belonging to associates and third-party beneficiaries.
The anti-graft agency said its investigation began after Sterling Bank filed a petition on July 18, 2022, which triggered a detailed forensic financial investigation that eventually traced the ₦81.1 million now forfeited.
Justice Bogoro ruled that the EFCC sufficiently established that the funds were proceeds of unlawful activities, thereby granting the final forfeiture order.
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