The Economic and Financial Crimes Commission (EFCC) has handed over N802.42 million recovered from a fraud suspect to First Bank of Nigeria Plc, following investigations into the unlawful diversion of more than N1.3 billion from the bank.
The funds were presented on Monday, by the EFCC’s Benin Zonal Directorate to representatives of First Bank after they were traced to multiple accounts linked to Ojo Eghosa Kingsley, the prime suspect in the case.
According to a statement by Dele Oyewale, EFCC’s Spokesman, Kingsley had taken advantage of a system error that mistakenly credited his account with over N1.3 billion.
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Instead of reporting the unexpected inflow, EFCC investigations revealed that he immediately began transferring large sums to accounts belonging to his relatives and using part of the funds to finance a lavish lifestyle and a building project.
The EFCC said Kingsley transferred significant portions of the money to the accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, in an attempt to conceal and distribute the illicit funds.
Some of the money was also allegedly spent on completing a personal real estate project and other luxury expenses.
Following intelligence-driven investigations, the EFCC traced the funds to the identified accounts and successfully recovered N802,420,000, which was subsequently returned to First Bank in the form of bank drafts.
Sa’ad Sa’ad, Acting Director of the EFCC’s Benin Zonal Directorate, Deputy Commander of the EFCC, said the action was in line with the Commission’s statutory mandate to recover proceeds of crime 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”, Sa’ad said.
Olalere Ajayi, the bank’s Business Manager in Benin, commended the EFCC for what he described as its swift, professional and diligent handling of the case.
He expressed the bank’s appreciation to the Commission and described the EFCC as one of Nigeria’s most reliable and effective institutions in the fight against financial crimes.
Meanwhile, the EFCC confirmed that Kingsley and other suspects connected to the fraud have been charged to court on allegations of stealing and related financial crimes, as prosecution continues in line with due process.
