BENIN CITY, NIGERIA — A Nigerian man who received ₦1.5 billion in error from First Bank has been arrested and convicted after spending the money instead of alerting the bank to the mistake.
Ojo Eghosa Kingsley reportedly received the massive “error credit” and began spending the funds between June and November 2025. The Economic and Financial Crimes Commission (EFCC) arrested him in Benin City and brought him before the Edo State High Court.
When charges were read on January 19, 2026, Kingsley pleaded guilty immediately without contesting the case.
The court gave him two options: serve one year in prison or pay a ₦5 million fine. He was also ordered to refund the remaining ₦272,252,193.59 to First Bank.
Before judgment, EFCC informed the court that they had already recovered ₦802,420,000, including money traced to Kingsley’s mother and sister. First Bank also reversed transfers worth over ₦300 million.
In a surprising decision, Kingsley told the court he would rather serve one year in prison than refund the remaining ₦272 million.
Source: Premium Times
Compiled by Dzifa Makafui
