Lagos, Nigeria — The Economic and Financial Crimes Commission (EFCC) on Monday arraigned an ex-convict, Oluokun Gabriel Adekola, before the Lagos State Special Offences Court sitting in Ikeja over an alleged N12 million theft linked to suspected bank fraud proceeds.
Adekola was arraigned by the Lagos Zonal Directorate 1 of the EFCC, Ikoyi, before Justice Rahman Oshodi on a one-count amended charge bordering on stealing.
According to the anti-graft agency, the defendant allegedly worked with accomplices who are still at large in 2025 to conceal and disguise the origin of N12,000,000 paid into his bank account.
The EFCC alleged that the money was later transferred and converted to cash through Point of Sale (POS) agents.
The commission further told the court that the N12 million allegedly formed part of N3,091,441,849 said to have been stolen from accounts domiciled in a new generation bank through unauthorised access and fraudulent transactions carried out on the bank’s mobile banking applications.
When the amended charge was read to him, Adekola pleaded guilty.
Following the guilty plea, prosecution counsel M.K. Bashir and E.S. Okongwu urged the court to adjourn the matter for a review of facts and sentencing.
The prosecution also prayed the court to remand the defendant to a correctional facility pending sentencing.
Justice Oshodi subsequently adjourned the matter until Tuesday, March 17, 2026, for review of facts and sentencing, and ordered that the defendant be remanded in a correctional centre.
The EFCC disclosed that Adekola is a repeat offender, having previously been convicted in 2020.
According to the commission, he was earlier convicted on July 23, 2020, by Justice Joyce Abdulmalik of the Federal High Court in Ibadan, Oyo State, and sentenced to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300.
The earlier conviction followed his prosecution by the Ibadan Zonal Directorate of the EFCC on a six-count amended charge bordering on obtaining money by false pretence.
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