Banker chooses jail in ₦1.5bn bank error case

A First Bank customer, Ojo Eghosa Kingsley, has been arraigned by the Economic and Financial Crimes Commission (EFCC) after the bank mistakenly credited his account with ₦1.5 billion, which he allegedly diverted for personal use instead of returning.

The incident occurred between June and November 2025.

Kingsley was arrested in Benin City and arraigned before the Edo State High Court on 19 January 2026, facing charges of theft and fraud under the Edo State Criminal Law (2022).

He pleaded guilty without hesitation.

His counsel sought leniency, citing his remorse, but the court handed down a sentence of one year imprisonment or an option of a ₦5 million fine.

Additionally, Kingsley was ordered to refund the remaining balance of ₦272,252,193.59 to First Bank.

Prior to the judgment, the EFCC had recovered ₦802,420,000 from Kingsley’s account and from the accounts of his mother and sister.

First Bank also successfully reversed transactions totaling over ₦300 million.

In a surprising move, Kingsley informed the court that he preferred serving the prison term rather than repaying the outstanding ₦272 million, effectively choosing incarceration over repayment.

The case has drawn significant attention, highlighting both the scale of the transaction error and Kingsley’s controversial decision to go to jail rather than settle the debt.