An Edo State High Court sitting in Benin City has sentenced Chinedu Francis Nwabuisi to two years’ imprisonment without an option of a fine for spending N21.9 million that was mistakenly credited to his bank account.
Justice Irele Ifijeh delivered the judgment after finding him guilty of converting the money to personal use.
Mr Nwabuisi was arraigned by the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
How the money entered his account
The court heard that the sum of N21,939,237.27 was erroneously credited to Mr Nwabuisi’s account due to a system glitch by First Bank Plc.
Instead of reporting the error to the bank, the prosecution said he converted the money to his personal use.
Trial
Prosecution counsel, M. S. Dahiru, called two witnesses, a senior First Bank official and an operative of the commission, and tendered documents which were admitted by the court.
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In his defence, Mr Nwabuisi told the court that he thought the money was the benefit of operating a POS with the bank.
Judgement
Justice Ifijeh convicted and sentenced him to two years’ imprisonment without an option of a fine.
The judge also ordered him to restitute the complainant, First Bank Plc, the sum of N21,939,732.27.
The case serves as a warning that money received in error does not become the receiver’s property, and spending it can lead to a criminal conviction.
