A customer of First Bank PLC, Ojo Eghosa Kingsley, has been convicted and sentenced to one year in prison for refusing to return ₦1.5 billion erroneously transferred into his account by the bank.
The Economic and Financial Crimes Commission (EFCC) arrested Kingsley following the discovery of the fraudulent conversion, which took place between June and November 2025.
The Charge
Kingsley was arraigned on a one-count charge of stealing before Justice W. I. Aziegbemhin of the Edo State High Court in Benin City. The prosecution stated that he “fraudulently converted” the sum of ₦1,507,502,182.24 credited to his account by First Bank.
Guilty Plea and Sentencing
Kingsley pleaded guilty to the charge. While the prosecution counsel requested a conviction, the defense appealed for leniency, citing the defendant’s remorse.
Justice Aziegbemhin sentenced Kingsley to one year imprisonment with an option of a ₦5 million fine. The court also ordered him to refund the outstanding balance of ₦272,252,193.59 to First Bank within a stipulated period.
Recovered Funds
Prior to the trial, the EFCC had recovered ₦802,420,000 from accounts linked to Kingsley, his mother, and his sister. The bank also reversed over ₦300 million through transfer reversals. These amounts were restored to First Bank earlier in January.
In addition to the penalty, Kingsley submitted a written undertaking to be of good behavior upon fulfilling the court’s conditions and securing his release.
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