Chinedu Francis Nwabuisi has been sentenced to two years behind bars by the Edo State High Court in Benin City for unlawfully spending more than N21.9 million erroneously transferred to his bank account following a technical failure.
The Economic and Financial Crimes Commission (EFCC) announced the conviction in an official statement issued on Tuesday, November 10, 2026, highlighting the conclusion of the trial handled by Justice Irele Ifijeh.
According to the anti-graft agency, the defendant was put on trial through its Benin Zonal Directorate after investigation revealed he converted the funds, totaling exactly N21,939,732.27, for personal use instead of reporting the mistaken credit.
What led to the mistaken credit?
Investigators established that the multi-million naira sum landed in Nwabuisi’s account as a result of an unexpected technical glitch experienced by First Bank of Nigeria.
During the proceedings before Justice Ifijeh, the prosecuting counsel, M.S. Dahiru, built the state's case by calling two witnesses to the stand. The testimonies came from a high-ranking official of First Bank and a specialized investigator attached to the EFCC. Alongside oral evidence, the prosecution tendered numerous documents, which the bench accepted and admitted as formal exhibits.
How did the defendant defend himself?
Standing trial in his own defense, Nwabuisi claimed he assumed the substantial credit alert represented legitimate earnings generated from running a Point of Sale (POS) financial agency business connected to the financial institution.
Notwithstanding his claims, Justice Ifijeh dismissed the defense, returning a guilty verdict and handing down a two-year custodial sentence with zero option of a monetary fine.
In addition to the prison term, the presiding judge mandated that the convict make full financial restitution to the complainant. The court directed Nwabuisi to return the entire N21,939,732.27 back to First Bank Plc, bringing closure to the legal proceedings initiated by the federal law enforcement body.