An Edo State High Court has revealed the circumstances surrounding the decision of a First Bank customer, Ojo Eghosa Kingsley, who chose imprisonment rather than fully refunding ₦1.5 billion mistakenly credited to his account.
Kingsley landed in legal trouble after First Bank Plc erroneously credited his account with ₦1.5 billion. Instead of reporting the error, investigations showed that he diverted and spent a substantial portion of the funds for personal use between June and November 2025.
The matter drew the attention of the Economic and Financial Crimes Commission (EFCC), which arrested Kingsley in Benin City. He was subsequently arraigned on 19 January 2026 before the Edo State High Court on charges of theft and fraud, contrary to the Edo State Criminal Law (2022).
At the hearing, Kingsley pleaded guilty to the charges. His counsel appealed to the court for leniency, citing his client’s expression of remorse and willingness to cooperate with authorities.
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 sum of ₦272,252,193.59 to First Bank Plc.
The court disclosed that, prior to sentencing, the EFCC had already recovered ₦802,420,000 from Kingsley’s account, as well as additional funds traced to his mother’s and sister’s accounts. The bank also successfully reversed transactions amounting to over ₦300 million.
However, in a dramatic turn during proceedings, Kingsley informed the court of his decision to serve the prison sentence instead of refunding the remaining ₦272 million. The court noted this choice while affirming that the restitution order remains binding.
Kingsley’s preference for incarceration over financial repayment has sparked public debate, highlighting the legal and moral consequences of misappropriating funds credited in error.
