The Economic and Financial Crimes Commission (EFCC) has successfully recovered and returned a staggering sum of eight hundred and two million, four hundred and twenty thousand naira (₦802,420,000) to First Bank Nigeria Plc. The restitution follows a detailed investigation into a case of alleged fraud where a suspect unlawfully took possession of funds erroneously credited to his account due to a system malfunction.
How the Fraud Unfolded and Funds Were Traced
According to an official statement released by the EFCC on Tuesday, 13 January 2026, the saga began when First Bank reported a significant system glitch. This technical error led to an unintended credit of over ₦1.3 billion into the account of a customer identified as Ojo Eghosa Kingsley. Instead of reporting the error, Kingsley allegedly took unlawful possession of the massive windfall.
EFCC investigators from the Benin Zonal Directorate swiftly moved in, tracing the movement and subsequent use of the funds. Their probe revealed a calculated effort to dissipate the money. “The Commission in its investigation discovered that the suspect, upon receipt of the money, transferred a good measure of it to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle,” the EFCC stated.
Official Handover and Legal Action
Following the painstaking recovery of the funds from the identified accounts, the EFCC proceeded to restitute the recovered sum to First Bank as the victim of the crime. The handover was formalized using bank drafts. Deputy Commander of the EFCC, Sa’ad Hanafi Sa’ad, the Acting Director of the Benin Zonal Directorate, presided over the ceremony.
Sa’ad emphasized that the Commission's actions were strictly in line with its mandate. “The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done,” he stated. He further warned that the EFCC would sustain its enforcement efforts to ensure fraudsters do not profit from their crimes.
Bank's Gratitude and Ongoing Prosecution
Receiving the drafts on behalf of First Bank, the Business Manager of the bank's Benin branch, Olalere Sunday Ajayi, expressed profound gratitude to the anti-graft agency. “We are grateful to the EFCC for handling this matter swiftly and professionally. The Commission is one of Nigeria’s most effective and reliable institutions,” Ajayi remarked.
The EFCC confirmed that the principal suspect, Ojo Eghosa Kingsley, and other individuals linked to the case have already been charged before a court for the offence of stealing. This development underscores the Commission's resolve to not only recover stolen assets but also to ensure that perpetrators face the full wrath of the law.
