The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has returned ₦802 million recovered from a suspect to First Bank Nigeria Plc after concluding investigations that traced the funds to a customer, Ojo Kingsley, who took unlawful possession of the money belonging to the bank.
The Commission said the refund followed months of recovery efforts triggered by a complaint from the bank, which alleged that a system glitch had erroneously credited Kingsley’s account with the said amount.
During its investigation, the EFCC discovered that the suspect, upon receiving the money, transferred a significant portion to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, while also using part of the funds to complete his building project and fund a lavish lifestyle.
The Acting Director of the Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, while handing over the money, stated that the EFCC will continue to carry out its mandate effectively in the overall interest of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim, and that is exactly what we have done. We will continue to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
In his response, Olalere Sunday Ajayi, Business Manager of First Bank, Benin, who received the funds on behalf of the bank, commended the EFCC for its swift and professional handling of the matter and expressed the bank’s gratitude. He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Kingsley and all other suspects involved have been charged to court by the EFCC for stealing.
