It began with something as mundane, and as everyday, as a bank notification. An alert landed in Ojo Eghosa Kingsley’s account at one of Nigeria’s oldest and most established banks.
But it wasn’t the usual debit or salary credit. This one said a transfer of more than ₦1 billion had been completed.
For most people, an unexpected alert like that might spark confusion or disbelief. For banks, it raises alarm bells. And for regulators, it becomes a matter of national financial security.
That sequence of events set off a chain that would land the case squarely in the hands of Nigeria’s premier anti-graft agency: the Economic and Financial Crimes Commission (EFCC).
The Puzzle Begins: A Glitch With Big Money
First Bank Nigeria Plc noticed something was very wrong. A system error had, apparently, erroneously credited Kingsley’s account with more than ₦1.3 billion, funds that did not belong to him.
But while banking systems are supposed to be robust, this one had opened a door some would exploit.
Rather than alert the bank immediately, the investigation later showed, Kingsley began moving chunks of the money, a large portion to the accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin.
Other parts of the money helped fund a building project, and what authorities described as a markedly flamboyant lifestyle.
To regulators and bankers alike, this wasn’t just a software error. It was a test case in how quickly opportunity can turn into alleged criminality, and how fast institutions need to act.
From Complaint to Recovery
When First Bank raised the alarm with the EFCC, it triggered an investigation by the commission’s Benin Zonal Directorate.
What began as a report of a system glitch quickly unfolded into a deeper story of alleged abuse and unlawful possession of funds belonging to the bank.
In the weeks that followed, the EFCC traced and recovered ₦802.42 million from the various accounts linked to the suspect and his family, a significant portion of the original amount erroneously credited.
On January 12, 2026, the recovered funds were formally handed back to FirstBank, not in digital transfers this time, but in bank drafts presented by the EFCC, marking a symbolic restitution of resources to the institution that raised the alarm.
A Reflection on Systems and Safeguards
At the handover, Deputy Commander Sa’ad Hanafi Sa’ad, acting director of the EFCC’s Benin Zonal Directorate, underscored what he described as the core of the agency’s mandate: trace, recover and restitute proceeds of crime to victims. “In this case, First Bank was the victim,” he said, emphasising the legal and constitutional backing for the EFCC’s role.
His words point to a broader pattern in Nigeria’s fight against financial fraud: systems can fail, but institutions must ensure failures do not open the door to impunity.
For Olalere Sunday Ajayi, FirstBank’s business manager in Benin, the handover was a moment of professional validation.
He commended the EFCC for swift and professional action, describing the commission as “one of Nigeria’s most effective and reliable institutions” in tackling economic crimes.
From Error to Enforcement
Behind today’s headlines lies a reminder of the complex interplay between technology, risk, and oversight. A simple banking error, a glitch, could have remained just that if the bank had not acted, if oversight systems were weaker, or if regulatory follow-through had faltered.
Instead, it became a case study in detection, investigation, and restitution. The recovered N802.4 million speaks not only to money traced and returned, but to the systems and institutions that pursue accountability in Nigeria’s financial sector.
As Kingsley and associates now face charges in court related to the incident, the episode leaves a broader question: how can digital banking systems be strengthened so that tomorrow’s glitches don’t become today’s headlines?
For now, regulators and banks alike say the answer lies in vigilance, responsiveness, and enforcement, a trio of safeguards that turned one man’s error into a victory for institutional integrity.
