By Amah
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A banking error that briefly turned a First Bank customer into a billionaire has ended in a prison sentence, after Ojo Eghosa Kingsley was convicted for diverting ₦1.5 billion mistakenly credited to his account and stunning the court by opting for jail time instead of refunding the remaining ₦272 million.
His case has reignited public debate over morality, accountability and economic hardship in Nigeria.
Kingsley was arraigned on January 19, 2026, before the Edo State High Court following his arrest by operatives of the Economic and Financial Crimes Commission (EFCC) in Benin City. He was charged with theft and fraud under the Edo State Criminal Law (2022) for diverting the funds between June and November 2025.
According to court documents, the sum was erroneously credited to Kingsley’s First Bank account. Rather than notifying the bank or returning the money, he proceeded to spend and transfer the funds for personal use over several months.
When the charges were read, Kingsley pleaded guilty without objection. His counsel appealed for leniency, citing his expression of remorse and cooperation with investigators.
In its judgment, the court sentenced Kingsley to 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.
The EFCC told the court that prior to judgment, it had recovered ₦802,420,000 from Kingsley’s account and from accounts belonging to his mother and sister. The prosecution further disclosed that First Bank successfully reversed transactions amounting to over ₦300 million.
In a dramatic turn during sentencing, Kingsley informed the court that he preferred to serve a prison term rather than refund the remaining ₦272 million, effectively opting for incarceration over restitution.
The case has drawn widespread public attention, coming at a time of deepening economic hardship and persistent concerns about corruption in the country.
While legal experts note that Nigerian law is clear that funds received in error must be returned, public reactions have reflected broader frustrations over perceived disparities in the treatment of financial crimes.
Nonetheless, the court maintained that the deliberate diversion of funds mistakenly credited constitutes theft, regardless of prevailing economic conditions, and affirmed that accountability remains a cornerstone of the criminal justice system.
The conviction adds to a growing list of fraud-related cases prosecuted by the EFCC, as authorities intensify efforts to curb financial crimes and reinforce trust in Nigeria’s banking system.
