How EFCC Tracked and Recovered Stolen N802m from First Bank

The Economic and Financial Crimes Commission (EFCC) on Monday returned N802,420,000 to First Bank Nigeria Plc, recovered from a suspect who unlawfully took control of over N1.3 billion belonging to the bank.

The suspect, Ojo Eghosa Kingsley, allegedly received the money due to a system malfunction that mistakenly credited his account.

EFCC investigations showed that Kingsley later moved large sums to the accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, while spending part of the funds on a building project and sustaining an extravagant lifestyle.

In a statement issued on Tuesday, EFCC spokesman Dele Oyewale said, “The Benin Zonal Directorate of the EFCC handed over N802,420,000 to First Bank.

The bank, in its petition, alleged that system glitches led to the erroneous credit of Kingsley’s account. Our investigation discovered that upon receipt, the suspect transferred a good measure of the funds to his family and diverted part to personal projects. With the recovery from identified accounts, the money was restituted to the bank in the form of drafts.”

Oyewale added that Kingsley and other individuals linked to the case have been arraigned in court on charges related to stealing.

At the presentation of the recovered funds, the Deputy Commander of the EFCC and Acting Director of the Benin Zonal Directorate, Sa’ad Hanafi Sa’ad, restated the agency’s resolve to track and recover proceeds of crime.

“The EFCC Establishment Act empowers us to restitute victims. In this case, First Bank was the victim, and we have ensured recovery.

“We will continue to ensure that fraudsters do not benefit from crime and that economic and financial offences are prevented,” he said.

Accepting the funds on behalf of the bank, First Bank’s Benin Business Manager, Olalere Ajayi, praised the EFCC for its swift and professional handling of the matter, describing the commission as “one of Nigeria’s most effective and reliable institutions.”

The EFCC continues to play a vital role in probing financial crimes, recovering misappropriated funds, and safeguarding victims of economic offences across Nigeria.