- EFCC recovers ₦802.4m wrongly credited to suspect’s account
- Funds traced to family accounts and personal projects
- Money returned to First Bank via bank drafts
- Suspect and accomplices already facing prosecution
The Economic and Financial Crimes Commission (EFCC) has returned ₦802.4 million recovered from a fraud suspect to First Bank Nigeria Plc, following an investigation into funds allegedly obtained through a system glitch.
The Benin Zonal Directorate of the EFCC has officially handed over ₦802,420,000 recovered from a fraud suspect to First Bank Nigeria Plc, after the funds were wrongly credited to the suspect’s account due to a reported system error.
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According to a statement released on Tuesday via the EFCC’s official X handle, the money was recovered from Ojo Eghosa Kingsley, who allegedly took unlawful possession of over ₦1.3 billion belonging to the bank.
The EFCC disclosed that investigations revealed Kingsley moved large portions of the funds into the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin. Parts of the money were also allegedly used to complete a personal building project and fund a lavish lifestyle.
After tracing and recovering the funds from the linked accounts, the Commission returned the money to First Bank in the form of bank drafts.
Speaking during the handover, the Acting Director of the EFCC’s Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, reaffirmed the Commission’s commitment to tackling financial crimes.
“The EFCC Establishment Act empowers us to trace, 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.
He added that the Commission would continue to ensure that fraudsters do not benefit from illicit gains.
Receiving the drafts on behalf of the bank, Business Manager of First Bank, Benin, Olalere Sunday Ajayi, commended the EFCC for its swift response.
“We appreciate the EFCC for handling this matter promptly and professionally. The Commission remains one of Nigeria’s most effective institutions,” Ajayi said.
The EFCC confirmed that Kingsley and other suspects linked to the case have been charged to Court and will face prosecution.
