An ex-convict, Oluokun Adekola, has been sentenced to three years’ imprisonment by the Lagos State Special Offences Court in Ikeja for theft of N12 million following his arraignment by the Economic and Financial Crimes Commission (EFCC)
Penpushing reports that the trial judge, Rahman Oshodi, delivering judgement held that the Economic and Financial Crimes Commission (EFCC) proved beyond reasonable doubt that the convict concealed and converted the funds via a money laundering scheme.
The spokesperson of the anti-graft, Dele Oyewale, in a statement stated that, the convict was arraigned on March 16, 2026 by the commission on one count of money laundering involving the theft of the money.
Penpushing further reports that the Economic and Financial Crimes Commission (EFCC) accused Adekola and others still at large, in 2025 in Lagos, conspired to conceal and disguise the origin of N12 million paid into his account.
The agency alleged that the sum was part of a larger N3.09 billion fraud allegedly perpetrated through unauthorised access to accounts domiciled with the First City Monument Bank via mobile banking platforms.
Penpushing also reports that Oyewale in the statement explained that the funds were subsequently withdrawn and converted to cash through Point of Sale (POS) agents, recalling that the defendant pleaded guilty upon arraignment.
The commission added that during the proceedings, the prosecution lawyer, E. S. Okongwu, tendered a Certified True Copy of a prior judgement delivered on July 23, 2020, by another judge, Joyce Abdulmalik, who was then sitting in the Ibadan, Oyo State, division of the Federal High Court.
Penpushing reports that the statement said Abdulmalik in the judgement sentenced the convict to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300, adding that the document was admitted as Exhibit 1.
The prosecution, sought an order for restitution of N3.5 million to the nominal complainant, however, defence lawyer Fabian Nwaforji in his plea for mercy on behalf of the convict, pleaded for leniency.
Penpushing further reports that the counsel argued that the defendant was remorseful and had already spent four years and six months in prison and urged the court to temper justice with mercy.
The judge in his judgement pointed out that the defendant is a repeat offender but acknowledged his early guilty plea, expression of remorse, and willingness to make restitution, but consequently sentenced Adekola to three years’ imprisonment and ordered him to make restitution of N3.5 million to FCMB within three months.
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