In a case that has left many Nigerians stunned, Ojo Eghosa Kingsley, a customer of First Bank, has been sentenced to one year in prison or a ₦5 million fine for refusing to return over ₦1.5 billion mistakenly credited to his account.
The saga began when a system glitch at First Bank erroneously transferred ₦1,507,502,182.24 into Kingsley's account between June and November 2025. Instead of alerting the bank, he allegedly spent the funds lavishly, prompting the Economic and Financial Crimes Commission (EFCC) to step in after a petition from the bank.
Investigators recovered and returned ₦802.42 million to First Bank, but a staggering ₦272.25 million remained unaccounted for. On January 7, 2026, Justice W. I. Aziegbemhin of the Edo State High Court in Benin City convicted Kingsley of fraud and theft under the Edo State Criminal Law.
What made headlines even more explosive was Kingsley's courtroom declaration. In a bold moment, he reportedly told the judge he would rather serve the prison term than repay the outstanding balance. The court still ordered full restitution alongside the sentence.
Social media erupted with mixed reactions, some calling it audacious defiance, others a cautionary tale about greed. No major controversy or appeal has surfaced yet, but the story underscores the serious consequences of retaining mistaken bank credits in Nigeria.
This unusual case serves as a stark reminder: windfalls from errors aren't free money, the law will always catch up.
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