The Economic and Financial Crimes Commission (EFCC) has recovered N802 million following a massive accidental transfer caused by a system glitch at First Bank.
The glitch reportedly resulted in the transfer of N1.3 billion into the personal account of one Ojo Eghosa Kingsley. According to investigators, rather than reporting the error, the suspect allegedly embarked on a rapid spending spree and redistributed the funds to avoid detection.
The EFCC revealed that Kingsley diverted significant portions of the money to accounts belonging to his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin. The commission further alleged that the funds were used to complete a private building project and finance a “suddenly flamboyant lifestyle.”
Upon receiving a formal report from First Bank, the anti-graft agency launched a recovery operation. To date, the EFCC has successfully recovered N802 million, which has been returned to the bank. Investigations are ongoing to recover the remaining balance of nearly N500 million.
