By George Omagbemi
BENIN CITY, Nigeria — The Edo State High Court sitting in Benin City has sentenced 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 delivered the judgment following prosecution by the Economic and Financial Crimes Commission (EFCC), which announced the conviction on Tuesday, November 10, 2026.
According to the EFCC, the sum of ₦21,939,237.27 entered Nwabuisi’s account following a system glitch at First Bank. He was prosecuted for converting the money to his personal use instead of reporting the erroneous transaction or returning the funds.
During the trial, prosecution counsel, M.S. Dahiru, presented two witnesses, including a senior First Bank official and an EFCC operative. Documentary evidence was also tendered and admitted by the court.
In his defence, Nwabuisi reportedly told the court that he believed the money represented benefits due to him from operating a Point of Sale (POS) business in partnership with the bank.
However, the judge found him guilty and imposed a two-year prison sentence without the option of a fine.
The court also ordered him to restitute First Bank Plc with ₦21,939,732.27.
The case highlights the legal consequences of spending money mistakenly credited to a bank account rather than reporting the transaction and allowing the bank to investigate and resolve the error.
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