An ex-convict, Oluokun Gabriel Adekola, has been sentenced to three years’ imprisonment by the Special Offences Court in Ikeja, Lagos, for stealing N12 million. The judgment was delivered on Tuesday by Justice Rahman Oshodi after finding Adekola guilty of the charge.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, had arraigned the defendant on March 16, 2026, on a one-count amended charge related to theft and money laundering.
According to the prosecution, Adekola, along with accomplices who are still at large, conspired in 2025 to conceal and disguise the origin of N12,000,000 credited into his account. The sum formed part of a larger ₦3,091,441,849 fraudulently obtained from accounts domiciled with First City Monument Bank through unauthorised access and mobile banking fraud.
The prosecution explained that the stolen funds were subsequently withdrawn and converted to cash using Point of Sale agents. Adekola pleaded guilty to the charge upon arraignment, acknowledging his role in the offence.
During the trial, it was revealed that Adekola had a previous criminal record. On July 23, 2020, Justice Joyce Abdulmalik of the Federal High Court, Ibadan, Oyo State, sentenced him to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300.
The prosecution tendered a Certified True Copy of the earlier judgment, marked as Exhibit 1, to highlight the defendant’s history as a repeat offender. The previous case carried the suit number FHC/IB/32C/2018.
At the sentencing stage, the prosecution counsel, E.S. Okongwu, urged the court to ensure restitution of N3.5 million to the nominal complainant, First City Monument Bank.
In his defence, counsel Fabian Nwaforji pleaded for leniency, noting that the convict was remorseful and had already spent four years and six months in custody. He asked the court to temper justice with mercy, considering Adekola’s early guilty plea and willingness to make restitution.
Justice Oshodi described the offence as bordering on money laundering and emphasised that the defendant was a repeat offender. However, the judge also acknowledged mitigating factors, including Adekola’s guilty plea and readiness to return part of the stolen funds.
The court sentenced Adekola to three years’ imprisonment and ordered him to restitute N3.5 million to First City Monument Bank within three months.
The case underscores the persistent challenge of financial crimes in Nigeria, particularly mobile banking fraud and unauthorised access to bank accounts. Over the years, the EFCC has intensified efforts to investigate and prosecute cybercrime and related fraud, especially involving large sums of money.
The EFCC has been at the forefront of tackling economic and financial crimes in Nigeria. The agency frequently collaborates with banks and law enforcement agencies to track fraudulent transactions and bring perpetrators to justice.
In this case, EFCC’s Lagos Zonal Directorate 1 successfully prosecuted Adekola, highlighting the commission’s continued commitment to combating large-scale fraud and ensuring accountability.
Judgments like this are also intended to serve as warnings to potential fraudsters. Financial crimes not only harm victims but also affect public confidence in the banking system. Authorities continue to highlight the importance of vigilance among bank customers and staff to prevent unauthorised transactions.
The sentencing of Oluokun Gabriel Adekola reinforces Nigeria’s zero-tolerance approach toward fraud and financial misconduct, sending a strong signal to would-be offenders that illegal activities will have legal consequences.