In a courtroom drama that left legal practitioners and observers stunned, Ojo Eghosa Kingsley has opted for a term of imprisonment rather than repaying the outstanding ₦272 million balance of a ₦1.5 billion erroneous credit from First Bank.
The saga began between June and November 2025, when Kingsley’s account was mistakenly credited with the staggering sum. Rather than alerting the financial institution to the error, Kingsley embarked on a spending spree, diverting the funds for personal use and distributing portions to various accounts.
Following an intensive investigation by the Economic and Financial Crimes Commission (EFCC), Kingsley was apprehended in Benin City and arraigned before the Edo State High Court on January 19, 2026. He faced charges of theft and fraud under the Edo State Criminal Law (2022).
During the proceedings, it was revealed that the EFCC had already successfully recovered ₦802,420,000 from Kingsley’s personal accounts, as well as those belonging to his mother and sister. Additionally, First Bank managed to reverse transactions totaling over ₦300 million.
Upon the reading of the charges, Kingsley pleaded guilty without hesitation. While his defense counsel argued for leniency, citing his client’s remorse, the court handed down a sentence that offered a clear choice: one year of imprisonment or a fine of ₦5 million, coupled with a mandatory order to refund the outstanding balance of ₦272,252,193.59 to First Bank.
The courtroom fell silent as Kingsley made a calculated and dramatic declaration. Faced with the requirement to return the remaining ₦272 million, the convict informed the presiding judge that he preferred to serve the prison sentence rather than part with the money.
By choosing incarceration over restitution, Kingsley effectively signaled his intent to retain the diverted millions at the cost of his freedom, concluding one of the most brazen cases of financial misappropriation in recent Edo State history.
