THE Economic and Financial Crimes Commission (EFCC) has returned a total of N802.42 million to First Bank of Nigeria Plc after recovering the funds from a fraud suspect linked to the illegal diversion of more than N1.3 billion from the bank.

The recovery was formally handed over on Monday by the EFCC’s Benin Zonal Directorate to officials of First Bank. Investigators traced the funds to several bank accounts associated with the prime suspect, Ojo Eghosa Kingsley.

EFCC spokesman, Mr Dele Oyewale, said Kingsley exploited a system malfunction that led to an erroneous credit of over N1.3 billion into his account.

Rather than alert the bank, investigations showed that Kingsley quickly moved substantial amounts of the money into accounts held by family members and deployed part of the funds to support an extravagant lifestyle and a building project.

The anti-graft agency disclosed that large sums were transferred to the accounts of his mother, Ms Itohan Ojo, and his sister, Ms Edith Okoro Osaretin, as part of efforts to disperse and obscure the source of the funds.

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Investigators also found that portions of the money were allegedly channelled into completing a private real estate development as well as other luxury expenditures.

Through intelligence-led operations, the EFCC said it successfully tracked the funds across the various accounts and recovered N802,420,000, which was returned to First Bank via bank drafts.

Acting Director of the EFCC’s Benin Zonal Directorate and a Deputy Commander of the Commission, Mr Sa’ad Sa’ad, said the recovery aligned with the EFCC’s legal responsibility to retrieve proceeds of crime and restore them to victims.

“The EFCC Establishment Act mandates us to trace, recover and return proceeds of crime to the rightful owners. First Bank was the victim in this case, and that mandate has been fulfilled,” Mr Sa’ad said.

He added that the Commission would remain resolute in ensuring that perpetrators of financial crimes do not benefit from their actions and that such offences are promptly addressed.

Speaking on behalf of the bank, Business Manager in Benin, Mr Olalere Ajayi, praised the EFCC for its prompt, thorough and professional handling of the matter.

Ajayi expressed First Bank’s gratitude to the commission, describing it as one of the country’s most dependable institutions in combating economic and financial crimes.

The EFCC also confirmed that Kingsley and other individuals linked to the fraud had been arraigned in court on charges bordering on stealing and related offences, with prosecution ongoing in accordance with due process.