A Nigerian court has convicted and sentenced Ojo Eghosa Kingsley, a customer of First Bank of Nigeria, for refusing to return ₦1.5 billion (approximately $1.06 million) that was mistakenly credited to his bank account.
Kingsley was prosecuted by the Economic and Financial Crimes Commission (EFCC) and convicted by the Edo State High Court in Benin City. Investigators told the court that after the erroneous transfer, Kingsley failed to alert the bank and instead withdrew and spent large portions of the funds through multiple accounts.
Despite repeated demands by First Bank for the money to be returned, he reportedly refused, prompting a formal complaint and EFCC investigation. Prosecutors revealed that while a substantial amount had been recovered, a balance of ₦272 million (about $191,000) remained outstanding.
The presiding judge sentenced Kingsley to one year imprisonment, with an option of a ₦5 million fine (around $3,500), and ordered him to refund the remaining balance to the bank. Court records indicate that over ₦1.1 billion (about $770,000) had already been recovered before sentencing.
The case has attracted widespread attention in Nigeria, serving as a warning that mistaken bank credits are not free money and that beneficiaries face criminal liability if they fail to return funds credited in error.
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