EFCC returns N802.4m to First Bank

The Economic and Financial Crimes Commission has returned N802.4m recovered from a fraud suspect to First Bank Nigeria Plc after a system glitch erroneously credited the funds to the suspect’s account.

The recovered funds were handed over by the EFCC’s Benin Zonal Directorate following an investigation into the alleged unlawful possession of over N1.3b belonging to the bank.

In a statement on Tuesday via its official X account, the Commission said First Bank reported that a system glitch led to the erroneous credit into the account of Ojo Eghosa Kingsley.

“The Commission in its investigation discovered that the suspect, upon receipt of the money, transferred a good measure of it to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle,” the EFCC said.

Following recovery from the identified accounts, the funds were returned to the bank in the form of bank drafts.

Handing over the drafts, Acting Director of the Benin Zonal Directorate of the EFCC, Deputy Commander Sa’ad Hanafi Sa’ad, said the action was in line with the agency’s mandate.

“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done,” Sa’ad said.

He added: “We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud.”

Also Read:

• Alleged certificate forgery: Court to hear UNN’s objection in ex-minister’s suit
• When power plays collide with process: Lessons from Lagos’ speakership saga of Year 2025, by Dave Agboola
• EFCC returns N802.4m to First Bank
• CACOBAG demands suspension of Tinubu tax reforms, seeks probe of N128b power sector funds
• INEC reaffirms commitment to building public confidence as strategic planning for 2027 begins

Receiving the drafts, Business Manager of First Bank in Benin, Olalere Sunday Ajayi, praised the Commission’s handling of the case.

“We are grateful to the EFCC for handling this matter swiftly and professionally. The Commission is one of Nigeria’s most effective and reliable institutions,” Ajayi said.

The EFCC confirmed that Kingsley and other suspects linked to the case have been charged to court for stealing.

Follow The Eagle Online Channel on WhatsApp

[wpadcenter_ad id='745970' align='none']