*Case Of Mistaken Payment Of N1.5bn Into Account
*EFCC Recovers N.8bn
A customer of a first generation bank, identified as Kingsley Eghosa, has stirred consternation after he opted in court to go to jail for one year rather than give up the sum of ₦272,252,193.59 part of N1.5billion mistakenly paid into his account.
The court had ordered him to, among others, refund the ₦272,252,193.59 and go to jail.
Instead of notifying the bank and returning the N1.5billion, he reportedly diverted the money for personal use between June and November 2025.
Subsequently, he was arrested by the Economic and Financial Crimes Commission (EFCC) in Benin City, the Edo State capital.
Eghosa was on 19 January 2026, arraigned before the Edo State High Court and charged with theft and fraud under the Edo State Criminal Law (2022).
Upon reading of the charges, he pleaded guilty without hesitation.
Reports said though his counsel pleaded for leniency, citing his expression of remorse, the court proceeded to sentence him to one year imprisonment or an option of ₦5 million fine.
It also issued an order for him to refund the outstanding balance of ₦272,252,193.59 to the bank.
Prior to the judgment, the EFCC had recovered the sum of ₦802,420,000 from Eghosa’s account, as well as those of his mother and sister, even as the bank successfully reversed transactions totaling over ₦300 million.
But, in a dramatic turn of events, Eghosa told the court that he preferred serving the prison sentence to refunding the remaining amount, thus openly choosing jail to repaying the ₦272,252,193.59.
The odd preference reportedly drew low gasps from and sent shockwaves through the audience in court.
Many were heard later rationalizing the choice as probably an indication of the dire circumstances the convict found himself in amid the dire economic situation of the country.
