The Economic and Financial Crimes Commission (EFCC) has secured the conviction of Chinedu Francis Nwabuisi, who was sentenced to two years in prison for spending more than N21.9 million mistakenly credited to his bank account.
Justice Irele Ifijeh of the Edo State High Court in Benin City found Nwabuisi guilty of spending the funds, which First Bank Plc had mistakenly transferred to his account following a system glitch.
Nwabuisi was prosecuted by the EFCC’s Benin Zonal Directorate. During the trial, prosecution counsel M. S. Dahiru called two witnesses, including a senior First Bank official and an EFCC operative. The prosecution also tendered documentary evidence, which the court admitted.
In his defence, Nwabuisi said he believed the money was a benefit arising from his operation of a point-of-sale (POS) business with the bank.
After considering the evidence, Justice Ifijeh sentenced him to two years’ imprisonment without the option of a fine.
The court also ordered Nwabuisi to repay First Bank Plc N21,939,732.27.
Editor’s note: The source material gives two different precise figures for the amount involved: N21,939,237.27 and N21,939,732.27. Please verify the correct amount before publication.
