Reported by: Ijeoma G | Edited by: Gabriel Osa
In a high‑profile demonstration of Nigeria’s ongoing fight against financial crimes, the Economic and Financial Crimes Commission (EFCC) has handed over ₦802.42 million recovered from a fraud suspect back to First Bank Nigeria Plc, following an investigation into an alleged exploitation of a technical glitch in the bank’s systems.
The funds were officially returned on Monday, January 12, 2026, by the Benin Zonal Directorate of the EFCC in the form of bank drafts, marking a symbolic and practical restitution of assets to the financial institution that raised the alarm.
First Bank had petitioned the EFCC, reporting that a system error resulted in the erroneous crediting of more than ₦1.3 billion into the account of one of its customers, identified as Ojo Eghosa Kingsley. Investigators found that, after the mistaken crediting, Kingsley transferred significant portions of the funds into accounts belonging to his mother and sister, and used some of the money to fund a building project and a notably lavish lifestyle.
The EFCC’s tracing efforts led to the recovery of ₦802.42 million from the various recipient accounts. The remainder of the originally credited sum is reportedly subject to ongoing investigation and recovery efforts. The Commission has charged Kingsley and other suspects involved in the alleged diversion with criminal offences and initiated court proceedings.
Deputy Commander Sa’ad Hanafi Sa’ad, Acting Zonal Director of the EFCC’s Benin Directorate, emphasised the statutory mandate that guided the operation as he presented the recovered funds to bank officials. “The EFCC Establishment Act empowers us to trace, recover proceeds of crime, and restitute victims,” he said, underscoring that the return to First Bank was a direct application of that mandate.
Sa’ad reaffirmed the agency’s commitment to combating economic and financial crimes, reiterating that the Commission is resolved to ensure that fraudsters do not benefit from illicit activities and that financial institutions and the wider public are protected from sophisticated fraudulent schemes.
Representatives of First Bank, who received the funds on behalf of the institution, commended the EFCC for its swift and professional handling of the matter. They highlighted the importance of effective collaboration between financial institutions and law enforcement agencies in safeguarding the integrity of Nigeria’s financial system.
Analysts say the case illustrates both persistent vulnerabilities in banking technology and the critical role played by watchdog agencies in tracking and reversing the effects of financial improprieties. It also sends a message to would‑be fraudsters that system glitches or other exploitable gaps will not be tolerated nor left unchecked.
The return of the funds strengthens First Bank’s efforts to mitigate losses stemming from the incident and reinforces public confidence in the financial sector’s resilience in the face of sophisticated criminal tactics. As the EFCC continues to pursue the remaining funds and related charges through the judiciary, the case stands as a reminder of the ongoing challenges in confronting financial crime and the necessity of vigilant regulatory enforcement.
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