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 notifying the bank and returning the funds, he diverted the money for personal use between June and November 2025.
He was arrested by the Economic and Financial Crimes Commission (EFCC) in Benin City, and on 19 January 2026, he was arraigned before the Edo State High Court. Kingsley was charged with theft and fraud under the Edo State Criminal Law (2022).
Upon the reading of the charges, he pleaded guilty without hesitation. His counsel pleaded for leniency, citing his expression of 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.
Prior to the judgment, the EFCC had recovered ₦802,420,000 from Kingsley’s account, as well as from the accounts of his mother and sister, while the bank successfully reversed transactions totaling over ₦300 million.
In a dramatic turn of events, Kingsley informed the court that he preferred serving a prison sentence to refunding the remaining amount.
