The Economic and Financial Crimes Commission (EFCC) has recovered N802.42 million from a fraud suspect and handed the funds back to First Bank Nigeria Plc, marking another high-profile restitution by the anti-graft agency.
The recovery was carried out by the Benin Zonal Directorate of the EFCC on Monday, January 12, 2026. The money was traced to Ojo Eghosa Kingsley, who allegedly took unlawful possession of more than N1.3 billion belonging to the bank following an internal system glitch.
According to the EFCC, First Bank petitioned the Commission after discovering that Kingsley’s account had been erroneously credited with the huge sum. Investigations revealed that the suspect transferred substantial portions of the funds to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin.
The Commission further found that part of the money was used to complete a personal building project and finance what it described as a new flamboyant lifestyle.
Following the tracing and recovery of the funds from the identified accounts, the EFCC handed over bank drafts totalling N802,420,000 to First Bank Nigeria Plc.
While presenting the drafts, the Acting Director of the EFCC Benin Zonal Directorate, Deputy Commander of the EFCC, Sa’ad Hanafi Sa’ad, said the Commission would remain steadfast in carrying out its mandate.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute victims. In this case, First Bank was the victim, and that is exactly what we have done,” Sa’ad said. “We will continue to ensure that fraudsters do not benefit from crime and that economic and financial crimes are nipped in the bud.”
Receiving the recovered funds on behalf of the bank, Business Manager of First Bank, Benin, Olalere Sunday Ajayi, praised the EFCC for its speed and professionalism in handling the case. He expressed the bank’s gratitude, 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.
