Edo Court Jails Man for Refusing to Return ₦1.5B Bank Error Credit

Benin City – A dramatic financial fraud case concluded in Edo State High Court as Ojo Eghosa Kingsley, a First Bank PLC customer, received a one-year prison sentence or ₦5 million fine for refusing to refund ₦1,507,502,182.24 mistakenly credited to his account due to a bank system glitch between June and November 2025.​

The Economic and Financial Crimes Commission (EFCC) Benin Zonal Directorate arrested Kingsley after First Bank reported the error, which he allegedly converted for personal use, including transfers to family accounts and funding a lavish lifestyle. On January 19, 2026, Justice W. I. Aziegbemhin convicted him on a one-count charge under Edo State’s Criminal Law Sections 387(1) and 394 after his guilty plea.​

Case Background

Investigations revealed Kingsley transferred portions of the funds to his mother, Itohan Ojo, and sister, Edith Okoro Osaretin, while using others for a building project. EFCC traced and recovered ₦802,420,000 from linked accounts, restituted to the bank on January 12, 2026, by Acting Zonal Director DCE Sa’ad Hanafi Sa’ad.​ First Bank separately reversed over ₦300 million directly from his account.​

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Court Proceedings and Sentence

Prosecution counsel M. S. Dahiru urged conviction, while defense counsel sought leniency citing remorse.​ The judge ordered Kingsley to restitute the outstanding ₦272,252,193.59 within a set period, alongside his sentence option.​ Kingsley provided a written undertaking for good behavior if conditions are met for release.​

Victim and EFCC Response

First Bank’s Benin Business Manager, Olalere Sunday Ajayi, praised EFCC’s swift action during the recovery handover.​ EFCC emphasized its mandate to recover crime proceeds and prevent fraud benefits, vowing continued enforcement. The case underscores banking vulnerabilities to system errors and the consequences of fraudulent retention.