The Economic and Financial Crimes Commission (EFCC) has handed over N802.42 million to First Bank Plc, being part of the funds unlawfully taken from the bank by one of its customers.
The handover took place on Monday, January 12, 2026, after the anti-graft agency recovered the money from Ojo Kingsley, who allegedly took advantage of a system glitch that led to his account being erroneously credited with over N1.3 billion.
The EFCC said First Bank had petitioned the commission after discovering the unusual credit, prompting an investigation.
Findings revealed that Kingsley transferred a substantial portion of the funds to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin.
The commission added that part of the money was also used to complete a building project and to fund what it described as a new flamboyant lifestyle.
Following the recovery of the funds from the identified accounts, the EFCC returned the sum of N802.42 million to First Bank in bank drafts.
Speaking during the handover, the acting Director of the Benin Zonal Directorate of the EFCC, Sa’ad Hanafi Sa’ad, said the commission would continue to discharge its mandate in the interest of society.
“The EFCC Act empowers us to trace and 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 said.
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“We will continue to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud.”
Receiving the drafts on behalf of the bank, the Business Manager of First Bank, Benin, Olalere Ajayi, commended the EFCC for what he described as its swiftness and professionalism in handling the matter.
Ajayi expressed the bank’s gratitude to the commission, describing the EFCC as one of Nigeria’s most effective and reliable institutions.
The EFCC disclosed that Kingsley and other suspects linked to the case have been charged in court for stealing.
