Reported by: Oahimire Omone Precious | Edited by: Gabriel Osa
The Economic and Financial Crimes Commission on Monday, January 12, 2026, returned the sum of N802,420,000 to First Bank Nigeria Plc following an investigation into the unlawful diversion of funds arising from a system-related error at the bank. The handover was carried out by the Benin Zonal Directorate of the EFCC, marking a significant restitution effort in a case that underscores the risks associated with electronic banking systems and the legal consequences of exploiting operational lapses.
According to information provided by the Commission, the recovered funds formed part of more than N1.3 billion that was erroneously credited to the account of a bank customer, identified as Ojo Eghosa Kingsley. First Bank, in a formal petition to the EFCC, explained that a system glitch led to the accidental credit of the substantial sum into Kingsley’s account. Rather than report the anomaly to the bank, investigators allege that the beneficiary took steps to dissipate the funds across multiple accounts and expenditures.
EFCC operatives commenced an investigation following the petition, tracing the movement of the money and identifying several accounts linked to the suspect. The Commission disclosed that a significant portion of the funds was transferred to the accounts of Kingsley’s mother, Itohan Ojo, and his sister, Edith Okoro Osaretin. Investigators further established that part of the money was used to complete a personal building project and to finance what the Commission described as a new and flamboyant lifestyle, reflecting deliberate efforts to benefit from funds not lawfully earned.
The recovery process involved freezing identified accounts and tracing assets linked to the illicit transfers. Through coordinated investigative actions, the EFCC was able to retrieve N802,420,000 from the implicated accounts. The recovered sum was subsequently prepared in bank drafts and formally handed over to First Bank at a brief ceremony in Benin City. The restitution represents a substantial portion of the diverted funds and highlights the Commission’s asset recovery mandate.
Speaking during the handover, the Acting Director of the Benin Zonal Directorate of the EFCC, Deputy Commander of the EFCC, DCE Sa’ad Hanafi Sa’ad, reaffirmed the Commission’s commitment to protecting the integrity of Nigeria’s financial system. He noted that the EFCC Establishment Act empowers the agency to trace, recover, and restitute proceeds of crime to victims. In his remarks, he emphasized that the case demonstrated the Commission’s resolve to ensure that individuals do not profit from fraud, regardless of how such opportunities arise.
Sa’ad stated that financial crimes, including those that exploit banking errors, pose serious threats to public trust and economic stability. He stressed that the EFCC would continue to act decisively to deter such conduct, adding that the recovery and restitution of the funds to First Bank was a clear message that unlawful gains would not be tolerated. He also acknowledged the cooperation of the bank in providing timely information that aided the investigation.
Representing First Bank at the event, Olalere Sunday Ajayi, Business Manager of the bank’s Benin branch, received the drafts on behalf of the institution. Ajayi expressed appreciation to the EFCC for what he described as the swiftness and professionalism demonstrated throughout the handling of the case. He noted that the prompt intervention helped mitigate potential losses and reinforced confidence in the ability of law enforcement agencies to respond effectively to complex financial crimes.
Ajayi further commended the EFCC as one of Nigeria’s most effective and reliable institutions, highlighting the importance of strong collaboration between financial institutions and regulators in safeguarding customer funds and institutional assets. He stated that the bank remained committed to strengthening its internal controls and technological systems to prevent similar incidents in the future, while also encouraging customers to report suspicious transactions promptly.
The case has drawn attention to the broader issue of system vulnerabilities within the banking sector, particularly as digital transactions continue to expand in scale and speed. While banks invest heavily in technology to improve efficiency and customer experience, experts note that system failures, though often rare, can have significant financial implications when they occur. The EFCC’s intervention in this instance illustrates the role of law enforcement in addressing the downstream consequences of such failures when they are exploited for personal gain.
The Commission confirmed that Kingsley and other suspects linked to the matter have been charged to court on allegations of stealing. The prosecution is expected to address the circumstances surrounding the receipt and use of the funds, as well as the alleged involvement of related parties whose accounts were used to receive portions of the money. Legal proceedings will determine individual culpability and any additional penalties beyond restitution.
Beyond the immediate recovery, the case serves as a cautionary tale to bank customers and the wider public about the legal obligations that accompany unexpected financial windfalls. Authorities have consistently maintained that recipients of erroneous bank credits are required to notify their banks and facilitate reversals, rather than treat such funds as personal entitlements. Failure to do so, as demonstrated in this case, can result in criminal charges and asset forfeiture.
As financial institutions and regulators continue to navigate the challenges of an increasingly digital economy, the EFCC’s action in returning over N802 million to First Bank underscores the importance of vigilance, accountability, and inter-agency cooperation. The outcome reinforces the principle that errors within financial systems do not create lawful ownership and that mechanisms exist to correct such wrongs in the interest of justice and economic stability.
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