EFCC recovers, restitutes ₦802m to First Bank in alleged fraud case

By : Guardian Nigeria

Date: 13 January 2026 8:47pm WAT

Share :

EFCC Chairman Ola Olukoyede

EFCC Chairman Ola Olukoyede

The Economic and Financial Crimes Commission (EFCC) has returned N802,420,000 to First Bank Nigeria Plc after recovering the funds from a fraud suspect whose account was erroneously credited following a system glitch.

The funds were handed over by the Benin Zonal Directorate of the EFCC to the bank in bank drafts, according to a statement issued by the Commission on Tuesday via its official X account.

The EFCC said the money was recovered from Ojo Eghosa Kingsley, who allegedly took unlawful possession of more than N1.3 billion belonging to First Bank after a system error resulted in an unintended credit to his account. According to the Commission, First Bank reported that the erroneous credit occurred due to system glitches. EFCC investigators subsequently traced the movement and use of the funds.

“The Commission in its investigation discovered that the suspect, upon receipt of the money, transferred a good measure of it to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle,” the statement said.

Following the recovery of the funds from the identified accounts, the EFCC said it proceeded to restitute the recovered sum to the bank as the victim of the alleged fraud.

While handing over the drafts, the Acting Director of the Benin Zonal Directorate of the EFCC, Deputy Commander of the EFCC, Sa’ad Hanafi Sa’ad, said the Commission acted in line with its statutory responsibilities. “The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done,” Sa’ad said.

He added that the Commission would sustain its enforcement efforts. “We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said. Receiving the drafts on behalf of the bank, the Business Manager of First Bank in Benin, Olalere Sunday Ajayi, thanked the EFCC for its handling of the case.

“We are grateful to the EFCC for handling this matter swiftly and professionally. The Commission is one of Nigeria’s most effective and reliable institutions,” Ajayi said.

The EFCC confirmed that Kingsley and other suspects linked to the case have been charged to court for stealing.

Tags: