A man, Chinedu Francis Nwabuisi, has been sentenced to two years’ imprisonment without an option of fine for spending ₦21.9 million mistakenly credited to his bank account by First Bank Plc.
Justice Irele Ifijeh of the Edo State High Court, sitting in Benin City, handed down the sentence after finding Nwabuisi guilty of converting the money to personal use.
The Economic and Financial Crimes Commission (EFCC), through its Benin Zonal Directorate, prosecuted the case.
According to the commission, the sum of ₦21,939,237.27 was erroneously credited to Nwabuisi’s account following a system glitch at First Bank. Rather than report the unusual transaction to the bank, he allegedly spent the money for personal
During the trial, prosecution counsel, M.S. Dahiru, presented two witnesses, including a senior official of First Bank and an EFCC operative. Documentary evidence was also tendered and admitted by the court.
In his defence, Nwabuisi told the court that he believed the money represented benefits due to him from operating a Point of Sale (POS) business with the bank.
However, the court found him guilty and sentenced him to two years in prison without the option of a fine.
Justice Ifijeh also ordered him to refund First Bank Plc the sum of ₦21,939,732.27 as restitution.
The case highlights the legal consequences of spending money mistakenly transferred into a personal bank account. Financial institutions and customers are expected to follow the appropriate procedures when errors occur in banking transactions.
