EFCC Hands Over Recovered N802.4 Million To First Bank

The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Monday, January 12, 2026, handed over a total sum of N802,420,000 (Eight Hundred and Two Million, Four Hundred and Twenty Thousand Naira) to First Bank of Nigeria Plc.
The funds were recovered from a suspect, Ojo Eghosa Kingsley, who unlawfully took possession of over N1.3 billion belonging to the bank.
According to a petition submitted to the EFCC by First Bank, a system glitch had led to the erroneous crediting of Kingsley’s account with the said amount. Investigations by the Commission revealed that upon receiving the funds, the suspect transferred substantial portions to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin. He was also found to have expended part of the money on the completion of a building project and the sustenance of a flamboyant lifestyle.
Following the successful recovery of the funds from the identified accounts, the EFCC handed over the recovered sum to First Bank in bank drafts.

While presenting the drafts, the Acting Director of the EFCC Benin Zonal Directorate, Deputy Commander of the EFCC (DCE) Sa’ad Hanafi Sa’ad, reaffirmed the Commission’s commitment to the effective discharge of its statutory mandate.
“The EFCC Establishment Act empowers us to trace, recover proceeds of crime, and restitute victims. In this case, First Bank is the victim, and that is exactly what we have done. We will continue to ensure that fraudsters do not benefit from criminal activities and that economic and financial crimes are nipped in the bud,” he stated.
In his response, Olalere Sunday Ajayi, Business Manager, First Bank, Benin, who received the drafts on behalf of the bank, commended the EFCC for the speed, professionalism, and diligence displayed in handling the case. He expressed the bank’s gratitude to the Commission, describing the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Kingsley and other suspects linked to the case have been charged to court by the EFCC for stealing.