First Bank Customer Chooses Prison Over Refunding ₦272m Mistaken Credit

A First Bank customer, Ojo Eghosa Kingsley, has been sentenced to prison after refusing to refund ₦1.5 billion that was mistakenly credited to his bank account, a case that has since sparked widespread reactions across social media.

According to court proceedings, Kingsley received the erroneous credit in June 2025. Rather than alerting the bank or returning the funds, he allegedly diverted and spent large portions of the money for personal use between June and November 2025.

The matter was subsequently reported and investigated by the Economic and Financial Crimes Commission (EFCC), leading to Kingsley’s arrest in Benin City, Edo State.

On January 19, 2026, Kingsley was arraigned before the Edo State High Court on charges bordering on theft and fraud, contrary to provisions of the Edo State Criminal Law (2022).

During the trial, the defendant pleaded guilty to the charges. His counsel appealed to the court for leniency, citing his remorse and willingness to cooperate with authorities.

After reviewing the facts of the case, the court sentenced Kingsley to one year imprisonment, with an option of a ₦5 million fine, and ordered him to refund the outstanding sum of ₦272,252,193.59 to First Bank.

Prior to the judgment, the EFCC had recovered ₦802,420,000 from Kingsley’s account and those of his mother and sister, while the bank successfully reversed transactions amounting to over ₦300 million.

In a dramatic twist during sentencing, Kingsley reportedly told the court that he would rather serve the prison term than refund the remaining ₦272 million, effectively choosing incarceration over repayment.