The Economic and Financial Crimes Commission (EFCC) on Monday handed over N802,420,000 to First Bank Nigeria Plc, recovered from a suspect who unlawfully took possession of over N1.3 billion belonging to the bank.

The suspect, Ojo Eghosa Kingsley, reportedly received the funds due to a system error that erroneously credited his account. Investigations by the EFCC revealed that Kingsley subsequently transferred substantial portions of the money to the accounts of his mother, Itohan Ojo, and sister, Edith Okoro Osaretin, while using part of it to finance a building project and maintain a lavish lifestyle.

In a statement on Tuesday, EFCC spokesman Dele Oyewale explained, “The Benin Zonal Directorate of the EFCC handed over N802,420,000 to First Bank.

The bank, in its petition, alleged that system glitches led to the erroneous credit of Kingsley’s account. Our investigation discovered that upon receipt, the suspect transferred a good measure of the funds to his family and diverted part to personal projects. With the recovery from identified accounts, the money was restituted to the bank in the form of drafts.”

Oyewale added that Kingsley and other implicated individuals have been charged in court for stealing.

Speaking at the handover, Deputy Commander of the EFCC and Acting Director of the Benin Zonal Directorate, Sa’ad Hanafi Sa’ad, reaffirmed the commission’s commitment to tracing and recovering proceeds of crime. “The EFCC Establishment Act empowers us to restitute victims. In this case, First Bank was the victim, and we have ensured recovery. We will continue to ensure that fraudsters do not benefit from crime and that economic and financial offences are prevented,” he said.

Receiving the funds, First Bank Benin Business Manager, Olalere Ajayi, commended the EFCC for its prompt and professional action, describing the commission as “one of Nigeria’s most effective and reliable institutions.”

The EFCC continues to play a critical role in investigating financial crimes, recovering stolen funds, and protecting victims of economic offences across Nigeria.

______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence

Interested buyers are encouraged to place their orders and enquiries via: 0704 444 4777, 0704 444 4999, 0818 199 9888 Website: www.alexandernigeria.com

_______________________________________________________________________ [A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation _______________________________________________________________________ Groundbreaking Guide For Lawyers: Adigwe Publishes ‘Artificial Intelligence For Lawyers’ With Free Research eBook The book also examines Nigeria's legal ecosystem, focusing on the LPELR and NBA AI Guidelines. As a bonus, every purchase comes with a FREE eBook titled: How to Use the AI Features in LegalPedia and LawPavilion. Ohio Books Ltd praises the publication, stating: "....this is the only Nigerian book I know of on the topic." How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌎 Website: www.benadigwe.com Ebook Version: Access it directly online at https://selar.com/prv626 Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria. _______________________________________________________________________