The funds were accidentally credited to the account of Ojo Eghosa Kingsley, who investigators allege immediately embarked on an aggressive spending spree and a series of illicit transfers before the error was flagged and authorities intervened.
The EFCC revealed that the suspect diverted significant portions of the N1.3 billion to various bank accounts held by his relatives, specifically identifying his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, as recipients of the laundered funds.
The EFCC’s forensic audit of the account showed that large sums were withdrawn and committed to the expedited completion of a building project and other luxury acquisitions. The agency noted that the rapid dissipation of the funds appeared to be a calculated attempt to exhaust the balance before the bank could initiate a reversal.
Following an official report lodged by First Bank, the EFCC’s Cybercrime Unit launched a targeted operation to freeze the affected accounts. To date, the commission has successfully recovered N802 million, which has been formally returned to the bank.
A spokesperson for the EFCC stated that efforts are still ongoing to track and recover the remaining balance of approximately N498 million. The primary suspect, Ojo Eghosa Kingsley, along with his alleged accomplices, is expected to face charges bordering on money laundering and illegal conversion of funds in a federal high court.
The incident has prompted renewed discussions within Nigeria’s financial sector regarding the robustness of automated transfer systems and the legal obligations of citizens who receive “mystery” bank credits.
