A First Bank customer, Ojo Eghosa Kingsley, has been convicted and sentenced by the Edo State High Court following a high-profile financial scandal involving the diversion of ₦1.5 billion mistakenly credited to his account by the bank.
Investigations revealed that the erroneous credit occurred between June and November 2025. Rather than notifying First Bank or returning the funds, Kingsley allegedly diverted and spent the money for personal use, triggering a major controversy and attracting the attention of anti-graft authorities.
Kingsley was subsequently arrested by the Economic and Financial Crimes Commission (EFCC) in Benin City and, on January 19, 2026, was arraigned before the Edo State High Court. He was charged with theft and fraud under the Edo State Criminal Law (2022).
Upon the reading of the charges, the defendant pleaded guilty without hesitation. His counsel appealed to the court for leniency, citing his remorse and cooperation during the investigation.
In its judgment, the court sentenced Kingsley to one year imprisonment with an option of a ₦5 million fine and further 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 accounts linked to his mother and sister. Additionally, First Bank successfully reversed transactions amounting to over ₦300 million.
However, proceedings took a dramatic turn when Kingsley informed the court that he preferred serving a prison sentence rather than refunding the remaining ₦272 million.
The declaration stunned observers in court, as the convict openly chose incarceration over repaying the outstanding funds, bringing the sensational case to a controversial close.
— Jamisi News
