First Bank Customer Jailed for Refusing to Return N1.5 Billion Mistakenly Credited to His Account

A Benin City High Court has convicted Ojo Eghosa Kingsley, a customer of First Bank Nigeria Plc, for unlawfully spending N1.5 billion that was mistakenly credited to his account and refusing to refund most of it.  

The Economic and Financial Crimes Commission (EFCC) arraigned Kingsley on January 19, 2026 before Justice W. I. Aziegbemhin on a one-count charge of stealing and fraudulent conversion under the Criminal Law of Edo State, 2022. The prosecution alleged that between June and November 2025, Kingsley converted the erroneously credited funds  property of the bank for his personal use instead of notifying First Bank.  

Kingsley pleaded guilty to the charge. During sentencing, the court ordered him to serve one year in prison or pay an optional fine of ₦5 million. Additionally, he was directed to refund the outstanding balance of ₦272,252,193.59 to First Bank within a stipulated period.  

The EFCC previously recovered ₦802,420,000 linked to Kingsley and his relatives’ accounts, which was returned to First Bank. The bank also successfully reversed transactions totaling over ₦300 million directly from Kingsley’s account.  

In a notable twist, Kingsley reportedly told the court he preferred serving the one-year prison term rather than paying back the remaining sum.  

The case has sparked public discussion about accountability, banking errors, and the legal consequences of misappropriating funds mistakenly credited to accounts. 

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