Man Bags Two-year Jail Term for Spending N21.9m Mistakenly Sent to His Account

The Economic and Financial Crimes Commission (EFCC) has secured the conviction and sentencing of a man, Chinedu Francis Nwabuisi, to two years’ imprisonment for converting N21.9 million mistakenly credited to his bank account to personal use.

The commission disclosed this in a statement issued on Tuesday, November 10, 2026.

According to the EFCC, Justice Irele Ifijeh of the Edo State High Court sitting in Benin City found Nwabuisi guilty and sentenced him to two years in prison without an option of fine.

The commission explained that the N21.9 million was erroneously credited to Nwabuisi’s account following a system glitch at First Bank Plc.

Nwabuisi was subsequently arraigned by the EFCC’s Benin Zonal Directorate for allegedly converting the funds to his personal use.

During the trial, prosecution counsel, M.S. Dahiru, presented two witnesses, including a senior First Bank official and an EFCC operative. Several documents were also tendered and admitted as exhibits before the court.

In his defence, Nwabuisi reportedly told the court that he believed the money represented proceeds 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.