Reported by: Ijeoma G | Edited by: Gabriel Osa
Benin City, Nigeria — In a significant victory against financial crime, an Edo State High Court on Monday, January 19, 2026, handed down a prison sentence to Ojo Eghosa Kingsley for unlawfully retaining and converting over N1.5 billion that was erroneously credited to his bank account. The ruling, delivered by Justice W. I. Aziegbemhin, followed a prosecution by the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) and underlines renewed efforts by Nigerian law enforcement to clamp down on sophisticated fraud and abuse of banking systems.
Kingsley, who was charged with stealing by the EFCC, admitted in court that he intentionally kept and spent a large portion of funds that a branch of First Bank Plc mistakenly credited to his account between June and November 2025. The court heard that the total amount at issue was N1,507,502,182.24 (One Billion, Five Hundred and Seven Million, Five Hundred and Two Thousand, One Hundred and Eighty Two Naira, Twenty-Four Kobo).
The single count indictment read in court alleged that Kingsley “did steal the aggregate sum of N1,507,502,182.24… property of First Bank Plc by fraudulently converting the said sum to your own use,” a violation of Section 387(1) of the Criminal Code Law of Edo State, 2022, and punishable under Section 394 of the same statute.
When the charge was read to him, Kingsley pleaded guilty, prompting the prosecution counsel, M. S. Dahiru, to urge the court to convict and sentence him in accordance with the law. Defence counsel implored the court to temper justice with mercy, noting that the defendant had expressed remorse for his actions.
After considering the submissions, Justice Aziegbemhin found Kingsley guilty and sentenced him to one year’s imprisonment. Alternatively, he was given the option to pay a fine of N5 million. Additionally, the court ordered that Kingsley restitute N272,252,193.59 to First Bank Plc within a stipulated timeframe. This restitution represents the remaining balance of the miscredited funds after recoveries.
During the EFCC’s investigation, a total of N802,420,000 was traced to various bank accounts linked to Kingsley and his immediate family members, including his mother and sister. These recovered funds were returned to First Bank by the Acting Zonal Director of the Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, on Monday, January 12, 2026. In addition, more than N300 million was recouped directly from Kingsley’s own account through a transfer reversal initiated by the bank.
The court also secured Kingsley’s written undertaking to maintain good behaviour going forward, a measure in line with rehabilitation and public safety considerations.
The conviction is widely seen as a strong message to individuals who exploit banking errors for personal gain, reaffirming that intentional conversion of funds — even when mistakenly credited — constitutes theft under Nigerian law. Legal experts say the judgment aligns with broader EFCC efforts to combat sophisticated financial crimes that undermine public confidence in Nigeria’s banking and financial systems.
The case attracted considerable attention due to the size of the funds involved and the clear procedural steps taken by both the EFCC and the judiciary. Observers note that the recovery of substantial amounts from multiple accounts demonstrates effective investigative tracing and inter-institutional cooperation between law enforcement and banking entities.
Speaking after the sentencing, EFCC officials reiterated their commitment to cracking down on financial malfeasance, stressing that no person, regardless of status, should feel immune from prosecution when credible evidence of wrongdoing exists.
The court’s decision also highlights the judiciary’s willingness to impose custodial sentences in fraud cases involving large sums, even when restitution and recovery are underway. Legal analysts contend that the combination of imprisonment, restitution orders and behavioural undertakings underscores a balanced approach to punishing and rehabilitating offenders while safeguarding public assets.
First Bank Plc, as the aggrieved party in the matter, has welcomed the judgment, noting that the return of misappropriated funds — both through EFCC action and court-ordered restitution — protects the interests of its customers and the integrity of the banking system at large.
Public reactions to the verdict have largely been positive, with commentators applauding the EFCC for pursuing the case diligently and the court for delivering a judgment that reinforces accountability. Civil society advocates argue that consistent enforcement against financial crime is critical to Nigeria’s broader economic development and efforts to attract investor confidence.
The case of Ojo Eghosa Kingsley may also prompt banks and regulatory bodies to strengthen internal controls to prevent and quickly detect erroneous credits, reducing opportunities for exploitation. Meanwhile, the EFCC has signalled its readiness to pursue similar cases rigorously, as part of its mandate to safeguard the Nigerian financial ecosystem.
For now, Kingsley’s sentence stands as a cautionary tale about the legal and personal consequences of capitalising on banking errors — emphasising that intent and unlawful use, not just the source of funds, are central to determining criminal liability under Nigerian law.
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