A Nigerian bank customer chose one year in prison rather than repaying the $272,000 remaining from a $1.5 billion banking error he spent for personal use over five months.
The Banking Error and Criminal Case
Ojo Eghosa Kingsley received the mistaken deposit from First Bank between June and November 2025. Instead of reporting the error, he diverted the funds for personal expenses. Nigeria’s Economic and Financial Crimes Commission arrested Kingsley in Benin City and charged him with theft and fraud under state criminal law. He pleaded guilty without contest when arraigned before the Edo State High Court on January 19, 2026.
The court sentenced Kingsley to one year imprisonment with an option to pay a $5,000 fine, plus restitution of the outstanding balance to First Bank. Authorities had already recovered $802,420 from accounts belonging to Kingsley, his mother, and his sister. The bank reversed additional transactions worth over $300,000.
Man is going viral after choosing 1 year in prison instead of sending 1.5B back to sender…😳🔥 pic.twitter.com/tD6UE0CmWH
— Lil Rico ⑨ (@IAmLilRico) January 26, 2026
Defendant’s Surprising Choice
During court proceedings, Kingsley made the unusual declaration that he preferred serving prison time over repaying the remaining funds. His legal counsel had requested leniency based on his client’s apparent remorse, but the defendant’s final statement contradicted this position. The case highlights ongoing challenges with financial crime enforcement and banking security systems in Nigeria’s rapidly growing digital economy.
Implications for Banking Security
This incident exposes vulnerabilities in electronic banking systems that can result in massive erroneous transfers. While banks typically have safeguards and reversal procedures, this case demonstrates how customers who exploit such errors face serious criminal consequences. The defendant’s choice to accept imprisonment rather than full restitution represents an unusual outcome in financial fraud cases, where defendants typically seek to minimize both penalties and repayment obligations through plea agreements.