An Edo State High Court has sentenced a man, Chinedu Francis Nwabuisi, to two years in prison for converting N21.9 million mistakenly credited to his bank account to personal use.
Justice Irele Ifijeh delivered the judgment in Benin City after the Economic and Financial Crimes Commission (EFCC), through its Benin Zonal Directorate, prosecuted him.
According to the EFCC, First Bank Plc mistakenly credited Nwabuisi’s account with N21,939,237.27 following a system glitch.
Rather than report the error or return the money, Nwabuisi allegedly converted the funds for personal use.
Nwabuisi Claims Money Came From POS Business
During the trial, prosecution counsel, M.S. Dahiru, presented two witnesses. They included a senior First Bank official and an EFCC operative.
The prosecution also submitted documentary evidence, which the court admitted.
In his defence, Nwabuisi told the court that he believed the money represented benefits from his Point of Sale (POS) business dealings with the bank.
However, Justice Ifijeh found him guilty and sentenced him to two years’ imprisonment without an option of fine.
Court Orders Repayment to First Bank
The court also ordered Nwabuisi to pay First Bank Plc N21,939,732.27 as restitution.
However, the restitution figure differs slightly from the N21,939,237.27 the EFCC identified as the amount mistakenly credited to his account.
The commission did not disclose when the erroneous transfer occurred, how much Nwabuisi spent before his arrest or whether the bank recovered any part of the money.
The case followed a reported system glitch that resulted in the funds entering Nwabuisi’s account.
