A First Bank customer, Ojo Eghosa Kingsley, has been caught in a major financial scandal after the bank allegedly credited his account with ₦1.5 billion by mistake.
Rather than alerting the bank or returning the funds, Kingsley reportedly diverted the money for personal use between June and November 2025, prompting an investigation by the Economic and Financial Crimes Commission (EFCC).
He was arrested in Benin City and arraigned on January 19, 2026, before the Edo State High Court on charges of theft and fraud under the Edo State Criminal Law (2022).
During the proceedings, Kingsley pleaded guilty to all charges. His lawyer appealed to the court for leniency, citing his client’s remorse and willingness to cooperate.
After reviewing the case, the court sentenced him to one year imprisonment with an option of a ₦5 million fine and ordered him to refund the outstanding balance of ₦272,252,193.59 to First Bank.
Before the judgment, the EFCC had already recovered ₦802,420,000 from Kingsley’s account, as well as from those of his mother and sister, while the bank reversed transactions amounting to over ₦300 million.
In a dramatic turn, Kingsley reportedly told the court that he preferred to serve a prison sentence rather than refund the remaining ₦272 million, effectively choosing incarceration over repayment.
The case has since gone viral, sparking widespread reactions online as Nigerians debate banking practices, accountability, and the consequences of spending mistakenly credited funds.
