BREAKING: MAN JAILED FOR FAILURE TO REFUND ₦1.5BN

MAN JAILED FOR FAILURE TO REFUND ₦1.5BN


A Benin City High Court has sentenced Ojo Eghosa Kingsley to imprisonment for refusing to refund ₦1.5 billion mistakenly credited to his bank account, in a case that has drawn national attention to financial accountability and abuse of banking errors.

Kingsley, a customer of First Bank Plc, was arraigned by the Economic and Financial Crimes Commission (EFCC) after investigations revealed that the huge sum was erroneously transferred into his account as a result of a system error. Rather than alerting the bank or returning the funds, he reportedly withdrew and transferred substantial portions of the money for personal use.

The EFCC told the court that Kingsley moved large sums to accounts belonging to his mother and sister and also expended part of the money on personal projects and lifestyle upgrades. The actions, the commission said, amounted to fraudulent conversion of funds belonging to the bank.

He was charged before Justice W. I. Aziegbemhin of the Edo State High Court on a one-count charge bordering on stealing and fraudulent conversion, contrary to the Criminal Law of Edo State. The charge stated that Kingsley unlawfully converted a total sum of ₦1,507,502,182.24 between June and November 2025.

Kingsley pleaded guilty to the charge when it was read in court. His counsel appealed for leniency, citing remorse, but the court held that the offence was serious and punishable under the law.

Justice Aziegbemhin subsequently sentenced him to one year imprisonment, with an option of a ₦5 million fine. The court also ordered him to refund ₦272,252,193.59, being the outstanding balance yet to be recovered, to First Bank.

The EFCC disclosed that over ₦802 million had already been recovered from Kingsley and his relatives during the investigation, while the bank successfully reversed additional funds through recovery processes.

The court further directed that Kingsley sign an undertaking to maintain good behaviour and comply fully with the restitution order.

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