A Nigerian court has convicted and sentenced Ojo Eghosa Kingsley, a customer of First Bank of Nigeria, to one year imprisonment with an option of a ₦5 million fine after he was found guilty of refusing to refund ₦1.5 billion mistakenly credited to his bank account.
Court records show that the huge sum was erroneously transferred into Kingsley’s First Bank account, a mistake that was later discovered by the bank. Despite repeated demands and official communication requesting the immediate return of the funds, the defendant failed to fully refund the money.
Prosecutors told the court that rather than treat the credit as an error, Kingsley proceeded to retain and spend a substantial portion of the funds, an action that formed the basis of the criminal charge against him. The prosecution argued that the refusal to return the money amounted to dishonest appropriation.
During the trial, evidence was presented showing that the bank formally notified Kingsley of the error and requested a reversal, but he allegedly ignored the request and continued to exercise control over the funds as if they were legitimately his.
In his defence, Kingsley did not dispute that the money was mistakenly credited to his account. However, the court found that once he became aware of the error, his continued use and refusal to refund the money constituted a criminal act under applicable financial and cybercrime laws.
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In a dramatic moment during sentencing, Kingsley reportedly informed the court that he preferred serving a jail term to paying back the remaining balance of the funds, a statement that shocked observers and underscored the gravity of the case.
The court subsequently sentenced him to one year imprisonment, with an option of a ₦5 million fine, stressing that the punishment was meant to serve as a deterrent to others who might be tempted to exploit banking errors for personal gain.
The judge emphasized that accidental bank transfers do not confer ownership rights on recipients and that the law expects beneficiaries of such errors to promptly report and return the funds once discovered.
Legal analysts say the conviction reinforces a growing judicial stance that treats the deliberate retention of mistakenly credited funds as a serious financial crime, especially given the rising incidence of electronic banking transactions in Nigeria.
The case has since sparked widespread public debate, with many Nigerians describing the judgment as a strong warning that “bank errors are not windfalls” and that refusing to return such funds can lead to severe legal consequences.
