A Lagos court has sentenced a former senior official in the Lagos State education sector, Mr Olawale Faleti, to prison for stealing N48.9 million from Access Bank Plc. The judgment has drawn public attention because of Faleti’s former position in government and the scale of the offence.
The Ikeja Special Offences and Domestic Violence Court, sitting in Lagos, sentenced Faleti to two years and five months’ imprisonment on Monday. The court found him guilty of stealing money from the bank through unauthorised withdrawals carried out over several months.
Justice Rahman Oshodi, who presided over the case, convicted the 64-year-old former Lagos State Education Director on five counts of theft. The charges were brought against him by the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-corruption agency.
While delivering judgment, Justice Oshodi described Faleti’s actions as deliberate and sustained. He said the former education official continued to withdraw funds even though he had no approval or legal right to access the money.
According to the judge, the evidence before the court clearly showed that Faleti abused unauthorised access to an Access Bank credit card and used it repeatedly to withdraw large sums of money for his personal benefit.
“The defendant’s actions were not accidental or a one-time mistake,” Justice Oshodi said. “They were deliberate and carried out over a period of time.”
The court also noted that Faleti did not show genuine remorse during the trial. Justice Oshodi said the former official failed to fully accept responsibility for his actions or show clear regret for the damage caused.
In strong words, the judge stressed the importance of protecting banks and the financial system. He said public trust in financial institutions must be protected at all times.
“Financial institutions are the backbone of our economy, and public trust in them must be safeguarded,” Justice Oshodi stated. “Anyone attempting to defraud banks must understand that severe penalties will ensue.”
Although the court acknowledged that Faleti was a first-time offender, it ruled that a prison sentence could not be avoided due to the seriousness of the crime and the amount involved.
Under the law, the maximum sentence for the offence is three years. However, the judge applied a 20 per cent reduction after considering that Faleti had made partial repayment of the stolen funds.
As a result, the court sentenced him to two years and five months’ imprisonment on each of the five counts. The sentences are to run at the same time, meaning he will serve them concurrently.
The prison term is scheduled to begin on January 5, 2026. The court also ordered that Faleti’s biometric details and personal information be entered into the Lagos State Judiciary offenders’ registry. This registry is used to keep records of convicted persons and helps the justice system track repeat offenders.
In addition to the prison sentence, the court ordered Faleti to fully refund the stolen money. After deducting N3 million already repaid, he was directed to pay the outstanding balance of N45.9 million to Access Bank Plc.
The court instructed the bank to formally inform it once the full amount has been recovered. This order is meant to ensure accountability and confirm that the bank is fully compensated for its loss.
During the trial, the EFCC presented detailed evidence on how the offence was carried out. EFCC counsel, Mr Ahmed Dambuwa, explained that Faleti took advantage of unauthorised access to an Access Bank credit card.
According to the prosecution, the card allowed cash withdrawals of no less than N43,000 per transaction. However, a system error occurred during the COVID-19 pandemic in 2020, which made it possible for Faleti to withdraw much larger sums than normally allowed.
The EFCC told the court that Faleti exploited this system failure to withdraw about N48 million from the bank over time. These withdrawals were made without approval and without any legal backing.
The charges showed that between July 2 and July 10, 2020, Faleti converted N12.6 million belonging to Access Bank for his personal use. Another count stated that between May 22 and July 1, 2020, he dishonestly converted N6.9 million, also belonging to the bank.
Other withdrawals, which made up the total sum of N48.9 million, followed a similar pattern, according to the EFCC.
The offences were found to be in violation of Section 287(1)(a) of the Criminal Law of Lagos State, 2015. This section deals with stealing and prescribes penalties for anyone found guilty of dishonestly taking property belonging to another person or organisation.
The case has again brought attention to the issue of corruption and financial crimes involving public officials, both serving and retired. Although Faleti committed the offence after leaving active public service, his former position as a senior education official made the case more sensitive in the eyes of the public.
The education sector is often seen as a place where integrity and moral standards should be upheld, especially because it shapes young people and future leaders. Many Nigerians believe that those who once held leadership positions should be held to higher standards of conduct.
The EFCC has repeatedly said it will continue to pursue cases involving financial crimes, regardless of the status or background of those involved. The commission maintains that no one is above the law.
Access Bank Plc, one of Nigeria’s leading commercial banks, was the victim in this case. Like other banks, it relies heavily on secure systems and public trust to operate effectively. Cases of internal or external fraud can weaken confidence if not properly addressed.
The COVID-19 pandemic period, when the offence occurred, was a challenging time for banks and businesses. Many institutions had to adjust their systems quickly to cope with lockdowns and reduced physical operations. According to experts, such periods can expose weaknesses that criminals may try to exploit.
Justice Oshodi’s judgment sends a strong message that such acts will not be tolerated, even if they result from system failures.
For many Nigerians, the case is a reminder of the need for strong internal controls in banks and strict monitoring of access to financial tools like credit cards.
As Faleti prepares to begin his prison term in 2026, the case stands as another example of the consequences of financial crime and the continued efforts of the justice system to protect public and corporate funds.