A First Bank customer, Ojo Eghosa Kingsley, has been convicted after spending ₦1.5 billion that was mistakenly credited to his bank account.
The funds were paid into his account between June and November 2025 due to a banking error. Instead of reporting the mistake, Kingsley diverted the money for personal use.
He was arrested by the Economic and Financial Crimes Commission (EFCC) in Benin City and arraigned on January 19, 2026, before the Edo State High Court, where he was charged with theft and fraud under the Edo State Criminal Law (2022).
Kingsley pleaded guilty immediately after the charges were read. His lawyer asked the court for leniency, citing remorse.
The EFCC told the court it had already recovered ₦802.4 million from Kingsley’s account and those of his mother and sister, while First Bank reversed transactions worth over ₦300 million.
In its ruling, the court sentenced Kingsley to one year in prison or a ₦5 million fine, and ordered him to refund the outstanding ₦272.25 million to First Bank.
However, in a dramatic turn, Kingsley told the court he preferred serving a prison sentence rather than refunding the remaining money, effectively choosing jail over repayment.
