EFCC Recovers ₦802m, Returns Funds to First Bank After Fraud Probe
The Economic and Financial Crimes Commission (EFCC) has handed over ₦802.42 million recovered by its Benin Zonal Directorate to First Bank of Nigeria Plc.
The EFCC spokesperson, Mr. Dele Oyewale, disclosed this in a statement issued on Tuesday in Abuja.
According to him, the funds were recovered from a suspect, Mr. Ojo Kingsley, who unlawfully took possession of more than ₦1.3 billion belonging to the bank.
Mr. Oyewale explained that First Bank, in a petition to the EFCC, alleged that system glitches led to the erroneous crediting of Mr. Kingsley’s account with the said sum.
Investigations by the commission revealed that upon receiving the funds, the suspect transferred a substantial portion to the bank accounts of his mother, Mrs. Itohan Ojo, and his sister, Ms. Edith Okoro Osaretin.
The EFCC further discovered that Mr. Kingsley used part of the money to complete a building project and to finance a flamboyant lifestyle.
Following the recovery of the funds from the identified accounts, the EFCC handed the money over to First Bank in bank drafts.
The Acting Director of the EFCC’s Benin Zonal Directorate, Mr. Sa’ad Hanafi Sa’ad, a Deputy Commander of the commission, formally handed over the drafts to a representative of the bank.
Speaking during the handover, Mr. Sa’ad said the EFCC would continue to discharge its mandate in the overall interest of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute victims. 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 crime and that economic and financial crimes are nipped in the bud,” he said.
Receiving the drafts on behalf of the bank, Mr. Olalere Ajayi, Business Manager of First Bank in Benin, commended the EFCC for what he described as a job well done.
Mr. Ajayi praised the commission for its swiftness and professionalism in handling the matter and expressed the bank’s gratitude.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
The statement added that Mr. Kingsley and other suspects connected to the case have been charged to court by the EFCC for stealing.
