An Edo State High Court sitting in Benin City has sentenced Chinedu Francis Nwabuisi to two years’ imprisonment without an option of fine for converting N21.9m erroneously credited to his bank account to personal use.
Justice Irele Ifijeh handed down the sentence after convicting Nwabuisi for converting N21,939,237.27 belonging to First Bank Plc.
The Economic and Financial Crimes Commission disclosed this in a statement shared on its official X handle on Tuesday, stating that the money was mistakenly credited to the convict’s account due to a system glitch at the bank.
According to the EFCC, Nwabuisi was arraigned by its Benin Zonal Directorate for converting the funds to his personal use.
The commission stated that prosecution counsel, M.S. Dahiru, presented two witnesses, including a senior First Bank official and an EFCC operative, while relevant documents were also admitted in evidence.
In his defence, Nwabuisi claimed that he believed the money was a benefit from operating a Point of Sale business with the bank.
The EFCC stated that the convict had converted “the sum of N21,939,237.27, which was erroneously credited to his account due to a system glitch by First Bank Plc.”
Justice Ifijeh sentenced him to two years’ imprisonment without an option of fine and also ordered him to restitute First Bank Plc with N21,939,732.27.
The commission urged members of the public to visit its official website for more information on its activities.
