Justice Rahman Oshodi of the Special Offences Court in Ikeja, has sentenced an ex-convict, Oluokun Gabriel Adekola, to three years’ imprisonment for his role in the concealment of N12 million.
The judge found him guilty as pleaded when he was arraigned on March 16, 2026, by the the Economic and Financial Crimes Commission (EFCC) on a one-count amended charge of stealing.
The EFCC said that Adekola and others still at large collaborated in 2025 to conceal and disguise the origin of N12,000,000 paid into his bank account.
The anti graft operative said the money formed part of a larger sum N3,091,441,849 allegedly obtained from First City Monument Bank (FCMB) accounts through unauthorised access and mobile banking fraud, before being withdrawn and converted to cash via Point of Sale (POS) agents.
The EFCC had presented rexords to the court during proceedings showed that he had been previously convicted on July 23, 2020 by Justice Joyce Abdulmalik of the Federal High Court in Ibadan. He was sentenced him to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300.
However, during the sentencing hearing, EFCC counsel, E. S. Okongwu, tendered a Certified True Copy of the 2020 judgment (suit no. FHC/IB/32c/2018), which was admitted as Exhibit 1. The prosecution also requested restitution of N3.5 million to the nominal complainant.
Adekola’s counsel, Fabian Nwaforji, asked the court to consider his client’s remorse, noting that he had already spent four years and six months in custody, and urged the court to exercise leniency.
Delivering judgment, Justice Oshodi held that the offence fell under money laundering and observed that the defendant was a repeat offender.
The judge, however, considered the early guilty plea and expression of willingness to make restitution.
Adekola was subsequently sentenced to three years’ imprisonment and ordered to restitute N3.5 million to FCMB within three months.
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Ikoyi, on Monday, March 16, 2026, arraigned an ex-convict, Oluokun Gabriel Adekola, for an alleged 12m theft before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos.
Adekola was arraigned on a one-count amended charge bordering on stealing to the tune of N12,000,000 (Twelve Million Naira).
According to the charge, Adekola and others still at large, sometime in 2025 in Lagos, allegedly collaborated to conceal and disguise the true origin of the N12,000,000 paid into his account by transferring and converting the funds to cash through POS agents. The sum is alleged to form part of N3,091,441,849 reportedly stolen from accounts domiciled with one of New generated Bank through unauthorised access and fraudulent activities carried out on the bank’s mobile banking applications.
He pleaded “guilty” to the charge when it was read to him.
Following his plea, the prosecution counsel, M. K. Bashir and E. S. Okongwu, asked the court for a date to review the facts of the case and sentencing.
The prosecution also prayed that the defendant be remanded in a correctional centre.
Justice Oshodi adjourned the matter till March 17, 2026 for the review of facts and sentencing, and also ordered that the defendant be remanded in a correctional centre.
Adekola had earlier been convicted on July 23, 2020 by Justice Joyce Abdulmalik of the Federal High Court, Ibadan, Oyo State, and sentenced to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300, following his prosecution by the Ibadan Zonal Directorate of the EFCC on a six-count amended charge of obtaining money by false pretence.
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