The Economic and Financial Crimes Commission (EFCC) has returned N802.42 million to First Bank Nigeria Plc after recovering the funds from a suspect who allegedly unlawfully accessed more than N1.3 billion belonging to the bank.
The suspect, Ojo Eghosa Kingsley, was said to have received the money following a system malfunction that mistakenly credited his account. EFCC investigations revealed that instead of reporting the error, Kingsley transferred large sums to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin. He was also accused of diverting part of the funds to finance a building project and sustain an extravagant lifestyle.
In a statement issued on Tuesday, EFCC spokesperson Dele Oyewale said the recovered sum was handed over by the commission’s Benin Zonal Directorate. He explained that First Bank had petitioned the EFCC after discovering that a technical glitch led to the wrongful credit of Kingsley’s account.
According to Oyewale, investigations showed that the suspect redistributed the funds shortly after receiving them. He added that following recoveries made from the relevant accounts, the money was returned to the bank through bank drafts. Oyewale also confirmed that Kingsley and other individuals linked to the case have been arraigned in court on charges of stealing.
At the handover ceremony, the Acting Director of the EFCC’s Benin Zonal Directorate and Deputy Commander of the Commission, Sa’ad Hanafi Sa’ad, reiterated the agency’s resolve to trace, recover, and return proceeds of crime to victims.
He noted that the EFCC Establishment Act empowers the commission to ensure restitution, stressing that the commission would continue to deny fraudsters the benefit of illicit gains while working to curb economic and financial crimes.
Receiving the recovered funds on behalf of the bank, First Bank’s Benin Business Manager, Olalere Ajayi, praised the EFCC for its swift and professional handling of the matter, describing the commission as one of the country’s most dependable anti-corruption institutions.
The EFCC has consistently maintained its role in combating financial crimes, recovering stolen assets, and safeguarding victims of economic and financial offences nationwide.