The Economic and Financial Crimes Commission (EFCC) has recovered and returned a total sum of N802 million to First Bank of Nigeria Limited after uncovering a large-scale fraud linked to a system glitch that erroneously credited N1.3 billion into a customer’s account.
The funds were traced to Ojo Eghosa Kingsley, who allegedly received the huge sum after a technical error in the bank’s system mistakenly transferred money belonging to First Bank into his personal account.
According to information made available to Fresh Facts Magazine, the incident was promptly reported to the EFCC by First Bank after internal checks revealed the abnormal transaction. Acting on the complaint, the anti-graft agency launched an investigation that exposed how the suspect allegedly began dissipating the funds shortly after receiving the credit alert.
EFCC investigators discovered that Kingsley transferred a significant portion of the money to accounts belonging to close family members, including his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin. Further findings revealed that part of the illicit funds was used to finance the completion of an ongoing building project, while another portion was allegedly spent on maintaining what investigators described as a newly acquired flamboyant lifestyle.
Through coordinated financial tracking, asset tracing, and recovery efforts, the EFCC successfully retrieved N802 million from the suspect and associated accounts. The recovered sum has since been formally handed over to First Bank.
The Commission reiterated that receiving money in error and spending it constitutes a criminal offence under Nigerian law, stressing that beneficiaries of accidental or mistaken transfers are legally obligated to report such transactions and return the funds immediately.
EFCC officials noted that investigations into the matter are ongoing, with possible prosecution pending the conclusion of inquiries and the full recovery of the outstanding balance.
The development underscores the EFCC’s continued efforts to combat financial crimes and enforce accountability within Nigeria’s banking and financial systems, while also serving as a cautionary reminder to the public on the legal consequences of exploiting system errors for personal gain.
