A customer of First Bank Plc, Ojo Eghosa Kingsley, has been convicted and sentenced by an Edo State High Court for fraudulently converting ₦1.5 billion that was mistakenly credited to his bank account.
Kingsley was arrested by the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) after he allegedly refused to refund the funds, opting instead to spend and transfer the money despite repeated demands from the bank.
The EFCC arraigned him on Monday, January 19, 2026, before Justice W. I. Aziegbemhin of the Edo State High Court, Benin City, on a one-count charge of stealing.
According to the charge, Kingsley between June and November 2025 fraudulently converted the sum of ₦1,507,502,182.24, property of First Bank Plc, to his personal use—an offence contrary to Section 387(1) and punishable under Section 394 of the Criminal Law of Edo State, 2022.
He pleaded guilty when the charge was read, prompting the prosecution counsel, M. S. Dahiru, to urge the court to convict and sentence him accordingly. Defence counsel pleaded for leniency, citing the defendant’s remorse.
In his judgment, Justice Aziegbemhin convicted Kingsley and sentenced him to one year imprisonment or a fine of ₦5 million.
The court also ordered him to restitute ₦272,252,193.59, being the outstanding balance of the stolen funds, to First Bank Plc within a stipulated period.
During investigations, the EFCC recovered ₦802.42 million from various bank accounts linked to the defendant, his mother and sister. The recovered funds were formally handed over to First Bank on January 12, 2026, by the Acting Zonal Director of the EFCC’s Benin Directorate, DCE Sa’ad Hanafi Sa’ad.
Additionally, over ₦300 million was recovered through a transfer reversal initiated by the bank.
The court further noted that Kingsley signed a written undertaking to maintain good conduct upon fulfilling the restitution conditions and securing his release.
