An Edo State High Court sitting in Benin City has sentenced Chinedu Francis Nwabuisi to two years’ imprisonment without an option of fine for converting ₦21.9 million mistakenly credited to his bank account to personal use.
The Economic and Financial Crimes Commission (EFCC) disclosed this on Tuesday, November 10, 2026, following the conviction by Justice Irele Ifijeh, who also ordered Nwabuisi to refund the money to First Bank Plc.
Key Highlights
- Chinedu Francis Nwabuisi was sentenced to two years in prison without an option of fine.
- The money was reportedly credited to his account following a system glitch at First Bank Plc.
- The EFCC said the erroneous transfer amounted to ₦21,939,237.27.
- Nwabuisi claimed he believed the money was a benefit from his Point of Sale (POS) business with the bank.
- The court ordered him to pay First Bank Plc ₦21,939,732.27 as restitution.
How ₦21.9 Million Entered His Bank Account
According to the EFCC, the money was mistakenly credited to Nwabuisi’s account following a system glitch at First Bank Plc.
The commission’s Benin Zonal Directorate subsequently prosecuted him for converting the funds to his personal use instead of reporting the erroneous transaction or returning the money to the bank.
The amount identified by the EFCC as the erroneous credit was ₦21,939,237.27.
What Nwabuisi Told the Court
During the trial, prosecution counsel, M.S. Dahiru, presented two witnesses, including a senior First Bank official and an EFCC operative.
The prosecution also tendered several documentary exhibits, which were admitted by the court.
In his defence, Nwabuisi reportedly told the court that he believed the money represented benefits accruing to him from operating a Point of Sale (POS) business with the bank.
However, Justice Ifijeh rejected his defence and found him guilty of the offence.
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Court Orders Two-Year Jail Term and Refund
Following the conviction, the judge sentenced Nwabuisi to two years’ imprisonment without an option of fine.
The court also ordered him to restitute First Bank Plc, the complainant, in the sum of ₦21,939,732.27.
The EFCC said the restitution order was intended to ensure that the bank recovered the funds involved in the case.
What the Case Means for Nigerians
The conviction highlights the legal consequences of knowingly converting money mistakenly transferred into a bank account.
Receiving an unexpected credit does not automatically make the money the recipient’s property. Anyone who discovers an unexplained payment should notify their bank and avoid spending or transferring the funds while the transaction is investigated.
The case also serves as a reminder to customers to verify unexpected bank credits and use official banking channels to resolve disputed transactions.
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