Ex-Convict Sentenced to Three Years for N12 Million Theft in Lagos Court
Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, has handed down a three-year prison sentence to Oluokun Gabriel Adekola, an ex-convict, for his involvement in concealing N12 million. The judgment was delivered on March 24, 2026, following Adekola's guilty plea to a one-count amended charge of stealing brought by the Economic and Financial Crimes Commission (EFCC).
Details of the Crime and Prosecution
The EFCC presented evidence showing that Adekola, along with others still at large, collaborated in 2025 to conceal and disguise the origin of N12,000,000 deposited into his bank account. This sum was part of a larger fraud amounting to N3,091,441,849, allegedly obtained from First City Monument Bank (FCMB) accounts through unauthorized access and mobile banking fraud. The funds were subsequently withdrawn and converted to cash via Point of Sale (POS) agents.
During the proceedings, EFCC counsel E. S. Okongwu tendered a Certified True Copy of a previous judgment from 2020, which was admitted as Exhibit 1. This document revealed that Adekola had been convicted on July 23, 2020, by Justice Joyce Abdulmalik of the Federal High Court in Ibadan, where he received a 20-year sentence for defrauding a Taiwanese national of $22,300.
Sentencing and Restitution Orders
In delivering the judgment, Justice Oshodi noted that the offence fell under money laundering and highlighted Adekola's status as a repeat offender. However, the judge considered mitigating factors, including Adekola's early guilty plea and his expression of willingness to make restitution.
Adekola's counsel, Fabian Nwaforji, pleaded for leniency, citing his client's remorse and the fact that he had already spent four years and six months in custody. Despite this, the prosecution requested restitution of N3.5 million to the nominal complainant, FCMB.
Justice Oshodi sentenced Adekola to three years' imprisonment and ordered him to restitute N3.5 million to FCMB within three months. The judge emphasized the seriousness of the crime while acknowledging the defendant's cooperation.
Background and Legal Proceedings
Adekola was arraigned on March 16, 2026, by the Lagos Zonal Directorate 1 of the EFCC in Ikoyi. He pleaded guilty to the charge, which alleged that he and accomplices concealed the true origin of the N12 million by transferring and converting it to cash through POS agents. The prosecution, represented by M. K. Bashir and E. S. Okongwu, requested a date for reviewing the facts and sentencing, as well as Adekola's remand in a correctional centre.
Justice Oshodi adjourned the matter to March 17, 2026, for the review of facts and sentencing, ordering Adekola's remand in the interim. This case underscores the EFCC's ongoing efforts to combat financial crimes and hold repeat offenders accountable in Nigeria's judicial system.
