The Benin Zonal Directorate of the Economic and Financial Crimes Commission has handed over the sum of N802,420,000 recovered from a fraud suspect to First Bank Nigeria Plc, following a system glitch that erroneously credited the funds to the suspect’s account.

The Commission disclosed this in a statement issued on Tuesday via its official X account, noting that the money was recovered from Ojo Eghosa Kingsley, who allegedly took unlawful possession of over N1.3 billion belonging to the bank.

According to the EFCC, First Bank had reported that system glitches led to Kingsley’s account being erroneously credited with the funds.

“The Commission in its investigation discovered that the suspect, upon receipt of the money, transferred a good measure of it to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle,” the statement said.

The EFCC stated that following the recovery of the funds from the identified accounts, the money was handed over to First Bank in the form of bank drafts.

While handing over the recovered sum, the Acting Director of the Benin Zonal Directorate of the EFCC and Deputy Commander of the EFCC, Sa’ad Hanafi Sa’ad, said the Commission would continue to carry out its statutory 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,” Sa’ad said.

“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 added.

The Business Manager of First Bank in Benin, Olalere Sunday Ajayi, who received the bank drafts on behalf of the institution, commended the EFCC for its speed and professionalism in handling the matter.

“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,” Ajayi said.

The EFCC confirmed that Kingsley and other suspects linked to the case have been charged to court for stealing.