EFCC Returns ₦802.4m to First Bank Over Digital Banking Glitch
In a development that highlights ongoing efforts to protect the integrity of Nigeria’s banking sector, the Economic and Financial Crimes Commission (EFCC) has returned ₦802,420,000 to First Bank of Nigeria PLC after determining the funds were linked to a system glitch error and unlawful diversion by a private individual.
The refund was handed over by the EFCC’s Benin Zonal Directorate following a petition by First Bank that pointed to a technical error which resulted in the erroneous credit of more than ₦1.3 billion into a customer’s account.
What Happened
According to the EFCC statement, First Bank notified the commission that its internal systems had erroneously credited a customer’s account due to a glitch. The customer, identified as Ojo Eghosa Kingsley, allegedly took advantage of the error and transferred portions of the funds to other accounts, including those of his mother and sister, and spent part on personal projects. The commission’s investigation traced and recovered the misplaced funds — a total of ₦802.42 million — from the identified accounts and returned them to First Bank via bank drafts.
EFCC and First Bank React
At the handover ceremony, Deputy Commander Sa’ad Hanafi Sa’ad, Acting Director of the EFCC Benin Zonal Directorate, reiterated the commission’s legal backing and mandate: “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.” In his response, Olalere Sunday Ajayi, Business Manager for First Bank in Benin City, expressed gratitude for the EFCC’s swift and professional handling:
“We are grateful to the EFCC for handling this matter swiftly and professionally. The Commission is one of Nigeria’s most effective and reliable institutions.”
Court Actions and Accountability
The EFCC has confirmed that Kingsley and other persons implicated in unlawfully diverting the funds have been charged to court for stealing, emphasizing that digital errors do not absolve individuals who exploit them.
What Customers Should Know
For bank customers:
- Report Discrepancies Promptly: If a customer notices an unexpected inflow or any unusual transaction, immediate reporting can help banks and authorities respond quickly.
- Documentation Matters: Keeping clear records and communicating regularly with your bank help resolve disputes or glitches efficiently.
For the broader financial community, this outcome reinforces confidence in institutional safeguards — even as digital banking grows more complex and widespread.
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