A High Court in Benin City, Nigeria, has sentenced Ojo Eghosa Kingsley to one year in prison, with an option of a ₦5 million fine, after finding him guilty of fraudulently converting more than ₦1.5 billion mistakenly credited to his bank account.
Kingsley was arraigned by Nigeria’s Economic and Financial Crimes Commission (EFCC) on a single-count charge of stealing by conversion, after investigators said his First Bank account received ₦1,507,502,182.24 in error between June and November 2025. He pleaded guilty to the charge.
Justice W. I. Aziegbemhin delivered the sentence after prosecutors asked the court to convict based on the guilty plea, while the defence requested leniency. The court also ordered Kingsley to pay ₦272,252,193.59 in restitution to First Bank, described as the outstanding balance of the funds yet to be recovered.
According to court records, the EFCC traced ₦802,420,000 to accounts linked to Kingsley and members of his family during its investigation, with the funds returned to the bank. First Bank also reportedly recovered more than ₦300 million through transfer reversals, bringing the total recovered amount to over ₦1.1 billion.
Prosecutors said Kingsley spent and diverted portions of the money instead of reporting the erroneous credit or returning it, conduct the court held amounted to fraudulent conversion under Edo State criminal law. In its ruling, the court stressed that mistakenly credited funds do not constitute lawful ownership and that retaining or using such money can lead to criminal prosecution.
Kingsley reportedly signed a written undertaking to maintain good behaviour as part of the court’s conditions tied to his release if he complies with the imposed terms. The EFCC and First Bank have not issued a joint public statement, but details of the case were outlined in court proceedings and local reporting.
