EFCC RETURNS ₦802 MILLION TO FIRST BANK AFTER SYSTEM GLITCH FRAUD
The Economic and Financial Crimes Commission (EFCC), through its Benin Zonal Directorate, has returned a total sum of ₦802,420,000 to First Bank Nigeria Plc after recovering the funds from a fraud suspect whose account was mistakenly credited due to a system glitch.
The recovery followed an investigation into Ojo Eghosa Kingsley, who allegedly took unlawful possession of over ₦1.3 billion belonging to the bank after the funds were erroneously credited to his account.
In a statement released on Tuesday via its official X (formerly Twitter) account, the EFCC confirmed that First Bank alerted the Commission after discovering that a system malfunction had led to the wrongful credit.
According to the anti-graft agency, investigations revealed that Kingsley did not report the suspicious inflow. Instead, he allegedly transferred significant portions of the funds to accounts belonging to his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin.
The EFCC further disclosed that part of the money was used to complete a personal building project and to finance what it described as a “new flamboyant lifestyle.”
Following the tracing and recovery of the funds from the identified accounts, the Commission formally handed over the recovered sum to First Bank in the form of bank drafts.
Speaking during the handover, the Acting Director of the EFCC Benin Zonal Directorate, Deputy Commander of the EFCC, Sa’ad Hanafi Sa’ad, reaffirmed the Commission’s commitment to combating economic and financial crimes.
“The EFCC Establishment Act empowers us to trace, recover proceeds of crime and restitute victims. In this case, First Bank was the victim, and that is exactly what we have done,” Sa’ad stated.
He added that the Commission would continue to ensure that fraudsters do not benefit from illicit activities.
“We will continue to discharge our mandate diligently so that economic and financial crimes are nipped in the bud and offenders are held accountable,” he said.
Receiving the recovered funds on behalf of the bank, Olalere Sunday Ajayi, Business Manager of First Bank in Benin, praised the EFCC for its swift response and professionalism.
“We appreciate the EFCC for the speed and professionalism displayed in handling this case. The Commission remains one of Nigeria’s most effective and reliable institutions,” Ajayi said.
The EFCC also confirmed that Kingsley and other suspects linked to the case have been charged to court and will face prosecution for stealing and related offences.