The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has handed over a total sum of N802.42 million to First Bank Nigeria Plc, following the recovery of funds unlawfully taken from the bank.
The handover took place on Monday, January 12, 2026, after the commission recovered the money from Ojo Eghosa Kingsley, a suspect who allegedly took unlawful possession of more than N1.3 billion belonging to the bank.
According to the EFCC, First Bank had petitioned the commission after a system glitch reportedly led to the erroneous crediting of Kingsley’s account with the said amount. Investigations revealed that upon receiving the funds, the suspect transferred substantial sums to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, while part of the money was allegedly used to complete a building project and finance an extravagant lifestyle.
The recovered funds were traced to the identified accounts and subsequently returned to First Bank in bank drafts.
While handing over the drafts, the Acting Director of the EFCC Benin Zonal Directorate, Deputy Commander of the EFCC, DCE Sa’ad Hanafi Sa’ad, reaffirmed the commission’s commitment to the effective discharge of its statutory mandate.
“The EFCC Establishment Act empowers us to trace, recover and restitute proceeds of crime to victims. In this instance, First Bank was the victim, and that is exactly what we have done. We will continue to ensure that fraudsters do not benefit from criminal acts and that economic and financial crimes are promptly addressed,” he said.
Receiving the drafts on behalf of the bank, Mr Olalere Sunday Ajayi, Business Manager, First Bank Benin, commended the EFCC for its swift and professional handling of the case, describing the commission as one of Nigeria’s most effective and reliable institutions.
The EFCC confirmed that Kingsley and other suspects connected to the case have been charged to court for stealing.
