EFCC returns N802m recovered funds to First Bank

The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has returned N802.42 million recovered from a fraud suspect to First Bank Nigeria Plc, following a system glitch that wrongly credited the funds to the suspect’s account.

In a statement posted on Tuesday on its official X account, the EFCC said the money was recovered from Ojo Eghosa Kingsley, who allegedly took unlawful possession of over N1.3 billion belonging to the bank due to the error.

According to the Commission, First Bank had reported that a system malfunction led to Kingsley’s account being erroneously credited with the funds. EFCC investigations revealed that after receiving the money, the suspect transferred large sums to accounts belonging to his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin. Part of the funds was also allegedly used to complete a building project and finance a lavish lifestyle.

After recovering the money from the identified accounts, the EFCC handed over the N802.42 million to First Bank in bank drafts.

While presenting the drafts, the Acting Director of the EFCC’s Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, said the Commission was acting in line with its statutory mandate.

“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute victims. In this case, First Bank was the victim, and that is exactly what we have done,” Sa’ad said. He added that the Commission would continue to ensure that fraudsters do not benefit from criminal activities.

Receiving the drafts on behalf of the bank, First Bank’s Business Manager in Benin, Olalere Sunday Ajayi, praised the EFCC for its swift and professional handling of the case.

“We appreciate the EFCC for the speed and professionalism displayed in this matter. The Commission remains one of Nigeria’s most effective and reliable institutions,” Ajayi said.

The EFCC confirmed that Kingsley and other suspects linked to the case have been charged to court for stealing.