LAGOS, NIGERIA — Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, has sentenced a convicted fraudster, Oluokun Gabriel Adekola, to three years’ imprisonment for his role in a N12 million theft linked to a massive banking fraud.
Adekola, prosecuted by the Economic and Financial Crimes Commission (EFCC), pleaded guilty to a one‑count amended charge of stealing when arraigned on March 16, 2026.
In addressing the court, the anti-graft agency told Justice Oshodi that investigations revealed he conspired with accomplices still at large to conceal and disguise N12 million traced to his bank account in 2025.
The stolen funds, the EFCC insisted, formed part of a N3.09 billion siphoned from customer accounts at First City Monument Bank (FCMB) through unauthorised access and mobile banking fraud, adding that the illicit proceeds were laundered via Point of Sale (POS) agents.
The commission noted that in July 2020, he was sentenced to 20 years’ imprisonment by Justice Joyce Abdulmalik of the Federal High Court in Ibadan for defrauding a Taiwanese national of $22,300.
While the sentencing lasted, the counsel for the EFCC, E.S. Okongwu urged the court to impose strict punishment and grant restitution of N3.5 million to FCMB.
But on his part, the counsel for the defence, Fabian Nwaforji pleaded for leniency, citing Adekola’s remorse and over four years already spent in custody.
However, in his verdict, Justice Oshodi described the offence as money laundering aggravated by recidivism, stressing its gravity.
While acknowledging the guilty plea and willingness to make restitution, the court sentenced Adekola to three years in prison and ordered him to refund N3.5 million to FCMB within three months.
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