An extraordinary court case is currently shaking Nigeria’s banking sector. Ojo Eghosa Kingsley, a customer of First Bank of Nigeria, deliberately spent ?1.5 billion that was mistakenly credited to his bank account—and later refused to fully refund the money, opting instead for a prison sentence.
A Banking Error That Turned Into a Major Scandal
According to court records, the incident occurred between June and November 2025. Rather than notifying the bank of the error, Kingsley diverted the funds for personal use, prompting a financial crime investigation.
The case quickly drew the attention of the Economic and Financial Crimes Commission (EFCC), which arrested him in Benin City.
Arraignment Before the Edo State High Court
Kingsley was arraigned on January 19, 2026, before the Edo State High Court, where he faced charges of theft and fraud under the Edo State Criminal Law (2022).
Upon the reading of the charges, Ojo Eghosa Kingsley pleaded guilty. His legal team appealed for leniency, citing his remorse and cooperation with investigators.
Court Verdict: Prison or Fine
After deliberation, the court handed down the following sentence:
One year imprisonment, with an option of a ?5 million fine; 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, traced to Kingsley’s account as well as those of his mother and sister. In addition, the bank successfully reversed transactions totaling over ?300 million.
A Shocking Choice: Prison Over Repayment
In a dramatic twist, Kingsley informed the court that he preferred serving the prison sentence rather than repaying the remaining ?272 million.
This rare decision has turned the case into one of the most unusual financial crime incidents in recent Nigerian banking history.
A Case Sparking Nationwide Debate
The case has reignited discussions across Nigeria about:
banking system safeguards,
customer responsibility in cases of erroneous credit, and
whether financial penalties are more effective than prison sentences in deterring fraud.
On social media, many Nigerians are asking: Should penalties for financial crimes be tougher, or should prison sentences be more severe?
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