A man, Chinedu Francis Nwabuisi, has received a two-year prison sentence for spending ₦21.9 million that First Bank Plc mistakenly credited to his account.
The Edo State High Court in Benin City handed down the sentence after finding him guilty of converting the money to personal use instead of returning it to the bank. Justice Irele Ifijeh presided over the case, which the Economic and Financial Crimes Commission (EFCC), through its Benin Zonal Directorate, prosecuted.
According to the EFCC, First Bank credited Nwabuisi’s account with exactly ₦21,939,237.27 following a system glitch.
During the trial, prosecution counsel, M.S. Dahiru, presented two witnesses: a senior First Bank official and an EFCC operative. The prosecution also tendered documentary evidence, which the court admitted as exhibits.
However, while defending himself, Nwabuisi told the court that he believed the money represented benefits or earnings from operating a Point of Sale (POS) business with the bank.
The court rejected his explanation and found him guilty of converting the funds for personal use. In addition to the two-year prison sentence, Justice Ifijeh ordered Nwabuisi to pay First Bank Plc ₦21,939,732.27 as restitution.
The sentence carries no option of a fine, meaning he cannot pay a fine in place of serving the prison term.
