Man Jailed for Refusing to Return N1.5 Billion Mistakenly Credited to His Bank Account

An Edo State High Court has convicted and sentenced a First Bank customer, Ojo Eghosa Kingsley, for refusing to refund N1.5 billion that was mistakenly credited to his bank account, in a case that has sparked widespread public attention.

Kingsley, a resident of Benin City, was arrested and prosecuted by the Economic and Financial Crimes Commission (EFCC) after investigations revealed that he fraudulently converted the funds for personal use instead of reporting or returning the error. He pleaded guilty to a one-count charge of stealing and fraudulent conversion.

Justice W. I. Aziegbemhin sentenced Kingsley to one year imprisonment with an option of a N5 million fine. The court also ordered him to refund N272.25 million, which represents the outstanding balance of the wrongly credited funds. According to proceedings, Kingsley reportedly told the court that he preferred serving a jail term rather than paying back the remaining amount.

The EFCC disclosed that it had already recovered over N1.1 billion from Kingsley’s account and those of his relatives before the case was concluded. Investigators traced and recovered N802.42 million from multiple bank accounts belonging to the defendant, his mother, and his sister, which was subsequently returned to First Bank Plc.

The charge against Kingsley stated that between June and November 2025, he fraudulently converted a total of N1,507,502,182.24 belonging to First Bank Plc, an act contrary to Section 387(1) of the Criminal Law of Edo State 2022 and punishable under Section 394 of the same law.

During the trial, prosecution counsel M. S. Dahiru urged the court to convict and sentence the defendant in line with the law following his guilty plea. Kingsley’s lawyer, however, appealed for leniency, telling the court that his client had shown remorse and was willing to reform.

In delivering judgment, Justice Aziegbemhin upheld the prosecution’s case, ordering Kingsley to restitute the remaining funds within a specified timeframe and to sign an undertaking to maintain good behaviour after meeting the court’s conditions.

The case serves as a stark reminder that funds mistakenly credited to an account remain the legal property of the rightful owner and that failure to report or return such money constitutes a criminal offence under Nigerian law.