A Federal High Court sitting in Lagos has convicted and sentenced Ojo Eghosa Kingsley, a customer of First Bank of Nigeria, to one year imprisonment for failing to refund ₦1.5 billion mistakenly credited to his account.
Kingsley was given the option of a ₦5 million fine, but reportedly chose to serve the jail term instead of paying back the outstanding balance of ₦272 million still owed to the bank.
The fund was erroneously transferred into his account in 2022, after which he allegedly carried out multiple transactions to move the money. Following legal action by the bank, partial restitution was made, but the remaining amount was not returned, leading to prosecution.
The court’s decision reinforces legal consequences for recipients of mistaken transfers who knowingly withhold such funds.
—
Disclaimer:
This report is based on court proceedings and publicly available legal records. Details are subject to official confirmation from the judiciary.
© 2026 CDA News Nigeria. All rights reserved.
