A First Bank customer, Ojo Eghosa Kingsley, has landed in serious trouble after a massive banking error credited his account with ₦1.5 billion.
Instead of alerting the bank or returning the funds, Kingsley reportedly diverted the money for personal use over several months, between June and November 2025, sparking what has now become a high-profile financial crime case.
The Economic and Financial Crimes Commission (EFCC) arrested him in Benin City, and on January 19, 2026, he was arraigned before the Edo State High Court. He faced charges of theft and fraud under the Edo State Criminal Law (2022).
When the charges were read, Kingsley pleaded guilty without delay. His lawyer appealed to the court for leniency, pointing to his client’s remorse. However, the court proceeded to deliver its judgment.
Kingsley was sentenced to one year in prison, with an option of a ₦5 million fine, and was ordered to refund the outstanding sum of ₦272,252,193.59 to First Bank.
Before the final ruling, the EFCC had already recovered ₦802.42 million from Kingsley’s account and those of his mother and sister. In addition, First Bank successfully reversed transactions amounting to over ₦300 million.
In a dramatic moment during the proceedings, Kingsley told the court that he preferred serving a prison sentence rather than refunding the remaining ₦272 million.
By that statement, he openly chose incarceration over repayment, bringing a shocking end to a case that highlights the serious consequences of abusing financial system errors.
Man mistakenly credited ₦1.5bn by First Bank chooses one-year imprisonment over full refund
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