A customer of First Bank of Nigeria, Ojo Eghosa Kingsley, has been convicted and sentenced to one year imprisonment or a fine of N5 million for refusing to refund N1.5 billion that was mistakenly credited to his bank account.

The conviction was handed down by a competent court after Kingsley was found guilty of unlawfully retaining funds that did not belong to him, despite repeated demands by the bank for a refund.

According to court proceedings, the huge sum was erroneously credited to Kingsley’s account due to a banking error. Rather than report or return the funds, he allegedly proceeded to spend a substantial portion of the money.

During the trial, the prosecution argued that the defendant’s actions amounted to criminal conversion and abuse of trust, stressing that accidental credit does not confer ownership rights on the recipient.

In a dramatic twist, Kingsley reportedly told the court that he preferred serving a one-year jail term to refunding the remaining balance of the N1.5 billion.

The court, in its ruling, emphasized that retaining funds credited in error is a criminal offence under Nigerian law and warned that such acts undermine public confidence in the banking system.

Legal experts say the judgment serves as a strong warning to bank customers that mistakenly credited funds must be reported and returned immediately, as failure to do so could attract severe legal consequences.