By Ibrahim Kegbegbe
What began as a banking error has ended in a criminal conviction, as an Edo State High Court sentenced Ojo Eghosa Kingsley for unlawfully spending ₦1.5 billion mistakenly credited to his account by First Bank of Nigeria.
Kingsley received the funds through what prosecutors described as an “error credit” between June and November 2025. Rather than notify the bank or return the money, he proceeded to spend large portions of it, drawing the attention of the Economic and Financial Crimes Commission (EFCC).
Following investigations, the EFCC arrested Kingsley in Benin City and arraigned him on January 19, 2026. He pleaded guilty to the charges without contest.
The court subsequently gave him the option of a one-year jail term or a ₦5 million fine, alongside an order to refund ₦272,252,193.59, being the outstanding balance of the diverted funds.
The Merit Newspaper gathers that during proceedings, the EFCC disclosed that ₦802,420,000 had already been recovered, including sums traced to accounts linked to Kingsley’s mother and sister. In addition, First Bank successfully reversed transfers amounting to over ₦300 million.
Despite the recovery efforts, Kingsley informed the court that he preferred serving a one-year prison sentence to refunding the remaining ₦272 million, a decision that underscored the gravity of the case.
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The conviction serves as a strong warning that accidental bank credits remain the property of the sender, and that spending such funds constitutes a criminal offence under Nigerian law.
