EFCC returns N802.4m recovered from fraudster to First Bank

Abdullateef Fowewe

The Economic and Financial Crimes Commission (EFCC) Benin Zonal Directorate has handed over N802,420,000 (Eight Hundred and Two Million, Four Hundred and Twenty Thousand Naira only) to First Bank Nigeria Plc on Monday, January 12, 2026, reclaiming funds stolen through a banking glitch, EFCC confirmed in a statement on Tuesday.

The recovery stems from a petition by First Bank alleging system errors erroneously credited over N1.3 billion to the account of suspect Ojo Eghosa Kingsley, a bank customer.

EFCC investigations revealed Kingsley transferred portions to his mother, Itohan Ojo, and sister, Edith Okoro Osaretin, while using others to complete a building project and fund a lavish lifestyle.

Acting Director of the Benin Zonal Directorate, Deputy Commander of the EFCC (DCE) Sa’ad Hanafi Sa’ad, presented the funds in drafts, emphasizing the commission’s resolve.

“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 stated.

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.”

Olalere Sunday Ajayi, Business Manager at First Bank Benin, who received the drafts, praised the EFCC’s efficiency.

He commended “the swiftness and the professionalism it brought to bear in the handling of the matter” and called the EFCC “one of Nigeria’s most effective and reliable institutions.”

Kingsley and other suspects face court charges for stealing, underscoring EFCC’s ongoing crackdown on financial crimes.