Ojo Eghosa Kingsley jailed for refusing to refund ₦1.5B mistakenly credited to his First Bank account, EFCC secures restitution and sentence

Ojo Eghosa Kingsley, a customer of First Bank PLC, has been convicted and sentenced to one year imprisonment after refusing to refund N1.5 billion mistakenly credited to his account.

Also read: Ex-Lagos education director Olawale Faleti jailed for N48.9m Access Bank theft

The verdict was delivered by Justice W. I. Aziegbemhin of the Edo State High Court in Benin City on Monday.

The Economic and Financial Crimes Commission, EFCC, arrested Kingsley through its Benin Zonal Directorate after the bank reported the unauthorised retention of funds.

The commission subsequently charged him before the High Court on 19 January 2026.

Kingsley was prosecuted on a single count of stealing, accused of fraudulently converting N1,507,502,182.24 that was erroneously credited to his account between June and November 2025.

He pleaded guilty to the charge when read to him in court.

M. S. Dahiru, counsel for the prosecution, urged the court to convict and sentence the defendant, citing the seriousness of the offence.

Defence counsel asked the court to temper justice with mercy, noting Kingsley’s remorse.

Justice Aziegbemhin sentenced Kingsley to one year imprisonment or a fine of N5 million.

The court also ordered him to restitute First Bank with N272,252,193.59, representing the remaining balance of the misappropriated funds.

Investigations revealed that the EFCC had already recovered N802,420,000 from accounts linked to Kingsley, his mother, and sister.

The bank also reclaimed over N300 million from Kingsley’s account through transfer reversals, overseen by the Ag. Zonal Director of the Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad.

Aside from restitution, conviction, and sentence, Kingsley provided a written undertaking to maintain good behaviour upon release, conditional on compliance with court directives.

Also read: U.S.-based Nigerian jailed for $290,000 fraud scheme

The case underscores the EFCC’s commitment to prosecuting financial misconduct and protecting institutional funds, serving as a cautionary tale for banking customers nationwide.