iDeemlawfulA First Bank customer, Ojo Eghosa Kingsley, became the focus of a major financial scandal after the bank allegedly paid ₦1.5 billion into his account by mistake.
Instead of reporting or returning the funds, Kingsley was said to have diverted the money for personal use between June and November 2025, triggering a probe by the Economic and Financial Crimes Commission.
He was arrested in Benin City and, on January 19, 2026, arraigned before the Edo State High Court on counts of theft and fraud under the Edo State Criminal Law (2022).
At the hearing, Kingsley entered a guilty plea without objection.
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His counsel asked the court for leniency, citing remorse and his readiness to cooperate with investigators.
After considering the facts, the court sentenced him to one year in prison with an option of a ₦5 million fine and directed him to refund the outstanding ₦272,252,193.59 to First Bank.
Before judgment, the EFCC had recovered ₦802,420,000 from Kingsley’s account and those of his mother and sister, while the bank reversed transactions exceeding ₦300 million.
In a dramatic turn, Kingsley told the court he preferred serving a jail term to repaying the remaining ₦272 million.