Customers Panic as First Bank Fraudulently Credits Customer N1.5Billion

A First Bank customer, Ojo Eghosa Kingsley, became involved in a major controversy after the bank mistakenly credited his account with ₦1.5 billion. Instead of informing the bank and returning the money, he diverted the funds for personal use between June and November 2025.

He was arrested by the Economic and Financial Crimes Commission (EFCC) in Benin City, and on January 19, 2026, he was arraigned before the Edo State High Court. Kingsley was charged with theft and fraud under the Edo State Criminal Law (2022).

After the charges were read, he pleaded guilty without hesitation. His lawyer asked the court for leniency, citing his client’s remorse. However, the court delivered the following sentence:

• One year imprisonment or an option of a ₦5 million fine; and
• An order 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 the accounts of his mother and sister. In addition, the bank successfully reversed transactions totaling over ₦300 million.

In a dramatic turn of events, Kingsley told the court that he preferred to serve a prison sentence rather than refund the remaining amount.

In effect, he openly chose imprisonment over repaying ₦272 million.