A First Bank customer, Ojo Eghosa Kingsley, became embroiled in a major legal controversy after the bank mistakenly credited his account with ₦1.5 billion. Rather than alerting the bank and returning the funds, Kingsley diverted the money for personal use between June and November 2025.
Kingsley was arrested by the Economic and Financial Crimes Commission (EFCC) in Benin City and was arraigned on 19 January 2026 before the Edo State High Court. He faced charges of theft and fraud under the Edo State Criminal Law (2022).
Upon pleading guilty to the charges, Kingsley’s counsel requested leniency, citing his remorse. However, the court delivered a sentence:
- One-year imprisonment or an alternative fine of ₦5 million, 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, along with funds from his mother’s and sister’s accounts. The bank also reversed transactions totaling over ₦300 million.
In a dramatic twist, Kingsley informed the court that he preferred serving a prison sentence rather than repaying the remaining ₦272 million. His decision to choose imprisonment over financial restitution marks a curious and bold stance in the ongoing legal battle.
