An Edo State High Court sitting in Benin City has sentenced a man, Chinedu Francis Nwabuisi, 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 handed down the sentence after finding Nwabuisi guilty of converting the money to personal use following an erroneous credit reportedly caused by a system glitch at the bank.
The Economic and Financial Crimes Commission (EFCC), which prosecuted the case through its Benin Zonal Directorate, disclosed the conviction in a statement on Tuesday, November 10, 2026.
According to the commission, Nwabuisi was arraigned for converting more than ₦21.9 million erroneously credited to his bank account to personal use.
During the trial, prosecution counsel, M.S. Dahiru, called two witnesses, including a senior First Bank official and an EFCC operative. He also tendered documentary evidence, which was admitted by the court.
In his defence, however, Nwabuisi claimed that he believed the money was a benefit accruing to him for operating a Point of Sale (POS) business in partnership with the bank.
The EFCC said the defendant maintained that he thought the money was a benefit for operating a POS business with First Bank.
The explanation failed to convince the court, which found him guilty and sentenced him to two years in prison without the option of a fine.
Justice Ifijeh also ordered Nwabuisi to restitute First Bank Plc, the complainant in the case, the sum of ₦21,939,732.27.