By Pascal Ibe 

Claim

An X user claimed that a man recently preferred to serve a one-year jail term rather than return N272.25 million of N1.5 billion that was transferred into his First Bank account.

Verdict

This claim is MISLEADING. A statement by the Economic and Financial Crimes Commission (EFCC) on 19 January, indicated that the man, Ojo Eghosa Kingsley, upon his conviction in the case, wrote an undertaking to maintain good behaviour. At no time did he prefer to go to prison rather than refund the money.

Full Text

In Nigeria, receiving an unexpected credit alert is often jokingly referred to as a “miracle,” but when that money comes from a bank error, the legal and financial reality is far from a blessing.

Mistaken transfers by banks occur due to a mix of high-speed digital infrastructure and human oversight.

An X user, @arhermadd, had recently shared an image of a man and claimed that the man, Ojo Eghosa Kingsley, prefers to serve a one-year jail term rather than return the remaining N272.25 million of N1.5 billion that was transferred to his First Bank account.

The X user claimed, “Kingsley informed the court that he preferred serving a prison sentence to refunding the remaining amount.

“In effect, he openly chose incarceration over the repayment of ₦272 million.”

History of the case

The First Bank customer, Ojo Eghosa Kingsley, became involved in a major controversy after the bank mistakenly credited his account with ₦1.5 billion. Instead of notifying the bank and returning the funds, he diverted the money for personal use between June and November 2025.

He was arrested by the Economic and Financial Crimes Commission (EFCC) in Benin City, and on 19 January 2026, he was arraigned before the Edo State High Court. Kingsley was charged with stealing under the Edo State Criminal Law (2022).

Upon the reading of the charges, he pleaded guilty without hesitation. His counsel pleaded for leniency, citing his expression of remorse. However, the court delivered the following sentence:

•One year imprisonment or an option of a ₦5 million fine; and

•An order to refund the outstanding balance of ₦272,252,193.59 to First Bank.

Before the judgment, the EFCC had recovered ₦802,420,000 from Kingsley’s account, as well as from the accounts of his mother and sister, while the bank successfully reversed transactions totaling over ₦300 million.

Verifying this claim

FACTWATCH Nigeria found a statement by the EFCC on 19 January, which stated that “aside the restitution, conviction and sentence, the convict undertook in writing to be of good behaviour going forward.”

At no time did the EFCC disclose that Kingsley preferred to go to prison rather than refund the money.

Some news websites in Nigeria reported this story here and here.

Conclusion

The convict, Ojo Eghosa Kingsley, after being sentenced to one year’s imprisonment, he only wrote an undertaking rather than the claim that he is willing to serve the jail term rather than to refund fund mistakenly transferred into his account.