”A First Bank customer, Ojo Eghosa Kingsley, became involved in a major c0ntroversy after the bank mistakenly credited his account with ₦1.5 billion. Instead of notifying the bank and returning the funds, he div£rted the money for personal use between June and November 2025.
He was arr£sted by the Economic and Financial Crimes Commission (EFCC) in Benin City, and on 19 January 2026, he was @rraigned before the Edo State High Court. Kingsley was ch@rged with th£ft and fr@ud under the Edo State Cr#minal Law (2022).
Upon the reading of the ch@rges, he pleaded gu#lty without hesitation. His counsel pleaded for l£niency, citing his expression of remorse. However, the court delivered the following s£ntence
One year im#risonment or an option of a ₦5 million fine and an order to refund the outstanding balance of ₦272,252,193.59 to First Bank.
Prior to the judgment, the EFCC had recovered ₦802,420,000 from Kingsley’s account, as well as from the accounts of his mother and sister, while the bank successfully reversed transactions totaling over ₦300 million.
In a dramatic turn of events, Kingsley informed the court that he preferred serving a pr#son s£ntence to refunding the remaining amount.
In effect, he openly chose incarceration over the repayment of ₦272 million”
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