EFCC Returns N802.4m to First Bank in Swift Fraud Recovery

On Monday, January 12, 2026, the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) returned N802,420,000 to First Bank Nigeria Plc. This sum, equivalent to Eight Hundred and Two Million, Four Hundred and Twenty Thousand Naira, was recovered from suspect Ojo Eghosa Kingsley, who unlawfully possessed over N1.3 billion erroneously credited to his account due to bank system glitches ​. EFCC investigations revealed Kingsley transferred portions to his mother, Itohan Ojo, and sister, Edith Okoro Osaretin, while using funds for a building project and lavish spending ​.

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Handover Ceremony Details

Acting Director DCE Sa’ad Hanafi Sa’ad led the handover in drafts, reaffirming EFCC’s commitment under its Establishment Act to trace, recover, and restitute crime proceeds to victims like First Bank ​. He emphasized ongoing efforts to prevent fraudsters from profiting and to curb economic crimes early ​. First Bank’s Business Manager in Benin, Olalere Sunday Ajayi, praised the Commission’s swift professionalism and called it one of Nigeria’s most reliable institutions ​.

Suspect Actions and Charges

Upon receiving the excess funds, Kingsley quickly dispersed them across family accounts and personal luxuries, prompting EFCC’s targeted recovery from those sources ​. All involved suspects, including Kingsley, now face court charges for stealing ​. This case highlights vulnerabilities in banking systems and EFCC’s role in victim restitution amid rising cyber fraud in Nigeria ​.