The Benin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC on Monday, January 12, 2026 handed over the sum of N802,420,000 ( Eight Hundred and Two Million, Four Hundred and Twenty Thousand Naira only) to First Bank Nigeria Plc.
The money was recovered from a suspect, Ojo Eghosa Kingsley who took unlawful possession of over N1.3 billion belonging to the bank.
Bank Petitions EFCC: Glitch Erroneously Credits Customer Kingsley
The bank, in its petition to the EFCC, had alleged that system glitches led it to erroneously credit the account of Kingsley, a customer of the bank with the said amount.
The Commission uncovered damning evidence during its thorough investigation into the suspect’s financial maneuvers.
Upon receiving illicit funds, he swiftly diverted substantial sums to family accounts strategically.
He transferred significant portions to his mother, Itohan Ojo’s bank account, masking the trail effectively.
This move aimed to obscure origins while securing personal and familial gains quietly.
Equally, his sister Edith Okoro Osaretin’s account received transfers, deepening the family involvement web.
Investigators Expose Laundering Scheme’s Intricate Layers
Investigators traced these flows meticulously, exposing the laundering scheme’s intricate layers.
Remaining funds fueled his building project completion and a flashy new lifestyle extravagantly.
Lavish spending patterns confirmed the fraud’s proceeds drove unchecked opulence and construction ambitions.
With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.
EFCC’s Sa’ad Vows Continued Mandate Amid Fund Handover
The Acting Director, Benin Zonal Directorate of the EFCC, Deputy Commander of the EFCC, DCE Sa’ad Hanafi Sa’ad, while handing over the money, stated that the EFCC will continue to discharge its mandate effectively in the overall interests of the society.
“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.
First Bank’s Ajayi Responds Swiftly to EFCC Probe
Olalere Sunday Ajayi, First Bank Benin’s Business Manager, responded promptly to the EFCC investigation developments.
He received the critical drafts on behalf of the institution professionally.
Ajayi commended EFCC’s remarkable swiftness in unraveling the complex financial fraud case efficiently.
Their rapid response prevented further losses and restored operational confidence swiftly.
He praised the Commission’s unwavering professionalism throughout the entire handling of the matter.
Meticulous procedures ensured evidence integrity and justice pursuit without compromising standards.
First Bank expressed profound gratitude to EFCC for decisive actions taken collaboratively.
This partnership underscores commitment to combating economic crimes effectively in Nigeria.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.
Justice Nwite Returns Adamu Case File for Reassignment
In other news, Justice Emeka Nwite of the Federal High Court Abuja, today, gave an order returning the case file of the Bauchi Commissioner for Finance, Yakubu Adamu to the Chief Judge of the Federal High Court, Justice John Tsoho, for reassignment to a substantive judge to handle the matter.
While giving the order for reassignment, Justice Nwite stated that the matter was returned to the Chief Judge because it was a vacation matter which needed to be reassigned to a substantive judge to handle.
EFCC arraigned Yakubu Adamu on Wednesday, December 31, 2025, before the court solemnly.
Bauchi Commissioner, Co-Defendants Face High-Stakes Justice
Bauchi Finance Commissioner faced justice alongside three co-defendants in high-stakes proceedings.
Balarabe Abdullahi Ilelah, Aminu Mohammed Bose, and Kabiru Yahaya Mohammed joined him.
All four stood charged together, linked by alleged illicit financial networks dangerously.
The ten-count indictment targets terrorism financing violations under Money Laundering Act 2022.
Section 2(1) prohibits funding prohibited activities through clandestine channels ruthlessly.
Citing Section 19(1)(d), punishable by Section 19(2)(b), charges demand accountability fiercely.
FCC pursues dismantling terror finance pipelines protecting national security vigilantly.
Yakubu Adamu, Bauchi State Finance Commissioner, faces a grave count in court proceedings.
Allegations center on illicit cash handling within this Honorable Court’s jurisdiction firmly.
2024: He Allegedly Pocketed $6.95M in Cash
In 2024, he allegedly received Six Million, Nine Hundred Fifty Thousand USD payments.
This massive sum bypassed all financial institutions, violating established banking protocols deliberately.
The charge invokes Section 2(1) of the Money Laundering Act 2022 strictly.
Combined with Section 19(1)(d), it prohibits such unauthorized, non-institutional currency transactions explicitly.
Punishable under Section 19(2)(b), this offense carries severe penalties for laundering prevention.
Prosecutors aim to hold Adamu accountable for undermining Nigeria’s financial integrity resolutely.
The defendants pleaded not guilty to the charges.
Court Rejects Bail, Remands Defendants in Kuje Prison
Counsel for the defendants, Chief Chris Uche, SAN, told the court he was ready for commencement of trial.
The EFCC presented a new counsel, Adebayo Ojo, to handle the matter.
Nwite Orders Vacation Case Reassignment to Substantive Judge
Justice Nwite ordered reassignment and stated that the Chief Judge returned the matter. It qualified as a vacation case, so the Chief Judge must reassign it to a substantive judge.
Explaining further, Justice Nwite said that, “I have listened to the submission of the learned senior counsel for the defendants.
It is not in doubt that this is a vacation matter which was returned to the registrar after the vacation for onward return to the Chief Judge for reassigning the case substantively”
