The Economic and Financial Crimes Commission (EFCC) on Monday, january 12, 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.
In a statement the EFCC spokesman Dele Oyewale stated, “The Benin Zonal Directorate of the EFCC handed over N802,420,000 to First Bank.
The suspect, identified as 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 its petition, the bank alleged that system glitches led to the erroneous credit of Kingsley’s account.
Our investigation discovered that upon receipt, the suspect transferred a significant portion 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 theft.
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.
He said, “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.”
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
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