Court jails man for ₦1.5bn fraud

An Edo State High Court sitting in Benin City has convicted and sentenced one Ojo Eghosa Kingsley for fraud involving over ₦1.5 billion erroneously credited to his bank account.

The conviction was secured on Monday, January 19, 2026, by the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) before Justice W. I. Aziegbemhin.

Kingsley was charged with stealing after he fraudulently took possession of ₦1,507,502,182.24 belonging to First Bank Plc. According to the EFCC, the defendant, a customer of the bank, unlawfully converted the funds, which were mistakenly credited to his account between June and November 2025, for personal use.

The one-count charge was brought under Section 387(1) of the Criminal Code Law of Edo State, 2022, and is punishable under Section 394 of the same law.

Upon arraignment, Kingsley pleaded guilty to the charge. Following his plea, prosecution counsel, M. S. Dahiru, urged the court to convict and sentence him accordingly. Defence counsel, however, appealed to the court for leniency, noting that the defendant was remorseful.

Justice Aziegbemhin subsequently convicted Kingsley and sentenced him to one year imprisonment, with an option of a ₦5 million fine.

In addition, the court ordered the convict to restitute First Bank Plc with the sum of ₦272,252,193.59, being the outstanding balance of the stolen funds, within a stipulated period.

The EFCC disclosed that during investigation, ₦802,420,000 was recovered from various bank accounts linked to the defendant, his mother and sister, and handed over to the bank. The commission also revealed that over ₦300 million was recovered directly from the defendant’s account through transfer reversal by the bank.

As part of the judgment, Kingsley also undertook in writing to be of good behaviour going forward.

The EFCC reiterated its commitment to ensuring accountability and protecting the financial system from fraud and economic crimes.