The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Monday handed over N802,420,000 (Eight Hundred and Two Million, Four Hundred and Twenty Thousand Naira only) to First Bank Nigeria Plc, following the recovery of funds misappropriated by a suspect.
The recovered money was linked to Ojo Eghosa Kingsley, who unlawfully took possession of over N1.3 billion belonging to the bank. Investigation revealed that system glitches had erroneously credited Kingsley’s account, allowing him to transfer a portion of the funds to the accounts of his mother, Itohan Ojo, and sister, Edith Okoro Osaretin, while using part of the money for his building project and personal lifestyle.
EFCC recovered the funds from the identified accounts and handed them over in bank drafts to First Bank.
While handing over the money, Deputy Commander of the EFCC and Acting Director, Benin Zonal Directorate, DCE Sa’ad Hanafi Sa’ad, reiterated the commission’s mandate to combat financial crimes and restitute victims:
“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 discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
Olalere Sunday Ajayi, Business Manager of First Bank, Benin, who received the drafts on behalf of the bank, commended the EFCC for its professionalism and swift action, describing the commission as one of Nigeria’s most effective and reliable institutions.
Kingsley and other suspects involved in the case have been charged to court for stealing by the EFCC.
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