A First Bank customer, Ojo Eghosa Kingsley, has sparked controversy after he was mistakenly credited with #1.5 billion in his account.
Instead of alerting the bank and returning the funds, Kingsley diverted the money for personal use between June and November 2025. He was later arrested by the Economic and Financial Crimes Commission (EFCC) in Benin City and arraigned on January 19, 2026, before the Edo State High Court. He faced charges of theft and fraud under the Edo State Criminal Law (2022).
Upon hearing the charges, Kingsley pleaded guilty without hesitation. His lawyer requested leniency, citing his expression of remorse. The court sentenced him to one year imprisonment or an option of a #5 million fine, and ordered him to refund the outstanding balance of #272,252,193.59 to First Bank.
Before the judgment, the EFCC had recovered #802,420,000 from Kingsley’s account, as well as from the accounts of his mother and sister. Additionally, First Bank successfully reversed transactions totaling over #300 million.
In a dramatic turn, Kingsley told the court that he preferred serving prison time over refunding the remaining #272 million, effectively choosing incarceration instead of repayment.
