RismadarVoice Reporters
November 10, 2026
An Edo State High Court sitting in Benin City has reportedly sentenced Chinedu Francis Nwabuisi to two years’ imprisonment without the option of a fine for converting more than ₦21.9 million mistakenly credited to his bank account for personal use.
The conviction followed his prosecution by the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
According to the commission’s account, the money was erroneously credited to Nwabuisi’s First Bank account following a technical malfunction in the bank’s system.
Rather than returning the funds, he was accused of using the money for personal purposes, prompting an investigation and subsequent prosecution.
Justice Irele Ifijeh reportedly delivered the judgment after considering evidence presented by the prosecution and the defendant’s explanation of how he came to possess the funds.
During the trial, prosecution counsel M. S. Dahiru called two witnesses, including a senior official of First Bank and an EFCC operative.
The prosecution also tendered documentary evidence relating to the disputed transactions, which was admitted by the court.
In his defence, Nwabuisi maintained that he believed the funds represented benefits arising from his Point of Sale business relationship with the bank.
However, the court rejected his explanation and found him guilty of unlawfully converting the money to personal use.
Justice Ifijeh subsequently sentenced him to two years’ imprisonment without the option of a fine.
The court also reportedly ordered him to refund approximately ₦21.9 million to First Bank, the complainant in the case.
The judgment highlights the legal consequences that may arise when money mistakenly transferred into a bank account is knowingly and dishonestly appropriated.
An erroneous credit does not automatically confer ownership of the funds on the account holder, and the circumstances surrounding their use may give rise to criminal liability.
The case also underscores the importance of promptly notifying financial institutions when unexplained deposits appear in customers’ accounts.
Bank customers are generally advised to verify unexpected credits before withdrawing or transferring the funds.
The conviction and restitution order were attributed to information released by the EFCC concerning the proceedings before the Edo State High Court.
