First Bank Customer Jailed for Refusing to Refund N1.5bn Wrong Credit

First Bank Customer Jailed for Refusing to Refund N1.5bn Wrong Credit

A First Bank customer, Ojo Eghosa Kingsley, has been convicted and sentenced to one year in prison, with an option of a ₦5 million fine, for refusing to refund ₦1.5 billion mistakenly credited to his bank account.

The conviction followed his arraignment before a competent court, where prosecutors told the court that the funds were erroneously transferred into Kingsley’s First Bank account. Despite being notified of the mistake and formally requested to return the money, he allegedly failed to refund the funds.

During the proceedings, the court heard that Kingsley had already spent a significant portion of the money and declined to return the remaining balance. In a dramatic moment in court, he reportedly informed the judge that he preferred serving a jail term rather than paying back the outstanding amount.

After reviewing the facts of the case, the court found him guilty and sentenced him to one year imprisonment, with an alternative option of a ₦5 million fine.

The case has sparked renewed conversations around wrongful credit, customer responsibility, and the legal consequences of retaining funds transferred in error. Legal experts note that under Nigerian law, failure to return money mistakenly credited to one’s account constitutes a criminal offence, regardless of how the funds were accessed or used.

First Bank has not yet issued an official statement on the judgment, but the ruling is seen as a strong warning to bank customers on the legal risks of exploiting banking errors.