A First Bank customer, Ojo Eghosa Kingsley, has found himself at the centre of a major controversy after his account was mistakenly credited 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.

His actions attracted the attention of the Economic and Financial Crimes Commission (EFCC), which arrested him in Benin City. On 19 January 2026, he was arraigned before the Edo State High Court, where he was charged with theft and fraud under the Edo State Criminal Law (2022).

When the charges were read in court, Kingsley pleaded guilty without contest. His legal counsel appealed for leniency, pointing to his client’s remorse. After considering the case, the court handed down a sentence of one year imprisonment, with an option of a ₦5 million fine, and ordered him 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, as well as from the accounts of his mother and sister. In addition, the bank successfully reversed transactions amounting to over ₦300 million.

In a dramatic twist during the proceedings, Kingsley told the court that he would rather serve a prison term than refund the remaining ₦272 million. By this declaration, he openly chose incarceration over repaying the outstanding funds.