Reported by: Ijeoma G | Edited by: Gabriel Osa
Benin City, Edo State — A Federal High Court sitting in Benin City has convicted and sentenced Ojo Eghosa Kingsley, a customer of First Bank Plc, after he failed to refund a ₦1.5 billion sum that was mistakenly credited to his bank account. The Economic and Financial Crimes Commission (EFCC) secured the conviction following Kingsley’s guilty plea to a charge of stealing and fraudulent conversion related to the funds he received in error.
Presiding over the case, Justice W. I. Aziegbemhin on Monday, January 19, sentenced Kingsley to one year in prison, with the option of a ₦5 million fine. The judge also ordered him to repay ₦272 252 193.59 — representing the remaining outstanding balance of the erroneously credited funds — within a stipulated period.
Prosecutors told the court that the money was mistakenly transferred into Kingsley’s account by First Bank due to a system error. Rather than notifying the bank or returning the funds, the EFCC’s evidence showed, he began moving portions of the money, including transfers to the accounts of his mother and sister, and spent some on personal projects.
During the investigation, the anti-graft agency recovered ₦802.42 million from accounts linked to the defendant and his relatives, which was handed over to First Bank. Over ₦300 million was also returned to the bank by direct reversal from Kingsley’s account. Despite these recoveries, a notable balance remained unpaid, prompting the court’s restitution order.
The charge read in part that Kingsley “did steal the aggregate sum of ₦1 507 502 182.24, property of First Bank Plc, by fraudulently converting the said sum to your own use,” contrary to the provisions of the Criminal Code Law of Edo State. Kingsley’s guilty plea followed his arraignment, and prosecution counsel M.S. Dahiru urged the court to convict and sentence him accordingly.
During trial proceedings, Defence counsel acknowledged Kingsley’s remorse but appealed for mercy. The judge, however, ruled that his actions amounted to a clear violation of criminal law, noting that funds mistakenly credited into an account remain the property of the rightful owner and must be returned upon discovery of the error.
In addition to the prison term and fine, the court required Kingsley to sign an undertaking to maintain good behaviour in the future, which will be binding upon fulfillment of all court conditions.
The case has stirred discussions among bank customers and social media users, with opinions divided over individuals’ obligations when erroneously credited with large sums. Financial and legal commentators stress that mistaken credits do not become lawful property simply because they appear in a personal account, underscoring the legal requirement to return such funds or face prosecution.
The EFCC’s successful prosecution and recovery efforts in this matter highlight the commission’s ongoing commitment to enforcing financial accountability and preventing opportunistic misuse of banking errors.
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