A First Bank customer was arrested after failing to return ₦1.5 billion mistakenly credited to his account. Instead of notifying the bank, he spent the funds on personal expenses between June and November 2025.
He was later arrested by the EFCC in Benin City and arraigned before the Edo State High Court on January 19, 2026, where he faced charges of theft and fraud under the Edo State Criminal Law (2022).
The defendant pleaded guilty, and the court sentenced him to one year imprisonment or a ₦5 million fine, alongside an order to refund ₦272,252,193.59 to First Bank.
Prior to sentencing, the EFCC recovered ₦802.4 million, while the bank reversed transactions totaling over ₦300 million.
In a surprising development, Kingsley told the court he would rather serve a prison sentence than repay the outstanding ₦272 million balance.