A former director in the Lagos State education sector has been sentenced to prison for a multi-million naira fraud he committed by exploiting a banking system vulnerability during the COVID-19 lockdown.
Court Convicts Former Official on Five Counts
Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court in Ikeja delivered the verdict on Wednesday, January 7, 2026. The judge found Olawale Solomon Feleti, a 64-year-old ex-education director, guilty on all five counts of stealing brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Oshodi sentenced Feleti to two years and five months' imprisonment on each count. The court ruled that the sentences would run concurrently. The custodial sentence is set to commence on January 5, 2026, at the Maximum Security Facility.
How the N48.9 Million Fraud Was Executed
According to the prosecution led by Mr. A. M. Dambuwa, Feleti's crime centered on a sum of N48,992,271.73. The EFCC detailed that the convict exploited a technical glitch in Access Bank Plc's credit card system during the height of the COVID-19 pandemic in 2020.
Feleti gained unauthorized access and began making illicit withdrawals. The anti-graft agency presented evidence showing he withdrew no less than N43,000 per transaction, systematically converting the funds for personal use.
The prosecution specified key periods of fraudulent activity:
- Between July 2 and July 10, 2020, he dishonestly converted N12,528,598.00.
- On May 22, 2020, and July 1, 2020, he converted another N6,808,480.00.
All these funds were confirmed to be the property of Access Bank Plc.
Judge's Remarks and Additional Penalties
In his judgment, Justice Oshodi condemned Feleti's actions as calculated criminal conduct. The judge noted that the defendant made multiple withdrawals despite knowing he had no authorization to do so.
The court observed that Feleti showed no genuine remorse and failed to accept responsibility for stealing the money. This lack of contrition influenced the sentencing decision.
Beyond the prison term, Justice Oshodi imposed several other penalties:
- Restitution Order: Feleti must pay N3 million to the court and N45,991,271.73 to the nominal complainant, Access Bank Plc. The bank is to formally notify the court upon full repayment.
- Financial Penalty: A fine of N5 million was also imposed.
- Registry Entry: The convict's name is to be entered into the Lagos State offenders' registry maintained by the state judiciary.
The judge indicated that the convict could benefit from a non-custodial sentencing option upon full compliance with the court's orders, particularly the restitution.
The offences were prosecuted under Section 287(1)(a) of the Criminal Law of Lagos State, 2015, which deals with the punishment for stealing.
