Court Jails Ex-Lagos Education Director for ₦48.9m Access Bank Fraud

Court Jails Ex-Lagos Education Director for ₦48.9m Access Bank Fraud

An Ikeja Special Offences and Domestic Violence Court on Monday sentenced a former Lagos State Education Director, Olawale Faleti, to two years and five months’ imprisonment for stealing ₦48.9 million from Access Bank Plc.

Justice Rahman Oshodi convicted the 64-year-old on five counts of stealing, after finding him guilty of charges filed by the Economic and Financial Crimes Commission (EFCC).

In his judgment, the court held that Faleti acted deliberately by repeatedly withdrawing funds despite knowing he lacked authorisation. Justice Oshodi said the convict showed no genuine remorse and failed to fully accept responsibility for his actions.

“Financial institutions are the lifeblood of our economy, and public confidence in them must be maintained. Those who attempt to defraud banks must understand that severe consequences will follow,” the judge said.

READ ALSO:

• Tax Law Protests Unconstitutional, Adedeji Warns as Security Agencies Put on Alert
• Osimhen Brace Fires Super Eagles into AFCON 2025 Quarter-Finals with 4–0 Rout of Mozambique
• Falana Blasts Courts for Releasing Security Fund Theft Suspects, Warns of Terror Risks

Taking into account both aggravating and mitigating factors, Justice Oshodi imposed a custodial sentence, applying a 20 per cent reduction from the maximum three-year term due to Faleti’s status as a first-time offender and limited restitution.

Faleti was sentenced to two years and five months on each count, with the sentences ordered to run concurrently. The court also directed that his biometric details be entered into the Lagos State Judiciary offenders’ database, with his sentence commencing on January 5.

After deducting ₦3 million already restituted, the court ordered Faleti to pay an outstanding ₦45.9 million to Access Bank Plc, directing the bank to notify the court upon full repayment. His name was also ordered to be entered into the Lagos State Offenders’ Registry.

Earlier, EFCC counsel Ahmed Dambuwa told the court that Faleti dishonestly converted ₦48.9 million belonging to Access Bank by exploiting a system glitch during the COVID-19 pandemic in 2020.

According to the prosecution, Faleti had access to an Access Bank credit card that allowed withdrawals of about ₦43,000 per transaction, but he exploited unauthorised access to withdraw about ₦48 million between May and July 2020.

One of the charges stated that between July 2 and July 10, 2020, Faleti converted ₦12.6 million, while another charge said he converted ₦6.9 million between May 22 and July 1, 2020, all belonging to Access Bank.

The offences, the EFCC said, contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.

Court Jails Ex-Lagos Education Director for ₦48.9m Access Bank Fraud