The funds were discovered to belong to First Bank and were mistakenly transferred into the suspect’s account due to a technical error. Upon identifying the anomaly, the bank promptly reported the matter to the EFCC, leading to an in-depth investigation.
EFCC Returns ₦802 Million: EFCC Investigation Findings
Investigations by the anti-graft agency revealed that shortly after receiving the erroneous credit, Kingsley allegedly transferred large portions of the money to accounts linked to his family members.
The EFCC disclosed that funds were traced to the bank accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin, in what investigators believe was an attempt to disperse and conceal the money.
Luxury Spending and Property Development
Further findings showed that part of the funds was used to complete an ongoing building project and to finance a new flamboyant lifestyle, marked by sudden luxury spending inconsistent with the suspect’s known income.
Through coordinated recovery efforts, the EFCC was able to retrieve ₦802 million from the various accounts connected to the suspect and his relatives. The recovered amount has now been officially handed over to First Bank.
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EFCC Issues Public Warning
The commission confirmed that investigations are still ongoing, as efforts continue to recover the remaining balance and determine the full extent of criminal liability, including possible conspiracy and money laundering charges.
The EFCC also warned the public that erroneous bank transfers do not confer ownership, stressing that knowingly spending or transferring such funds constitutes a criminal offence under Nigerian law.
More updates will be provided as the case develops.
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