Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Monday, January 5, 2026, convicted and sentenced Olawale Solomon Faleti, a former employee of the Lagos State Ministry of Education, to two years and five months’ imprisonment for theft of N48.9 million.
Faleti was sentenced after being found guilty on a five-count charge relating to stealing and fraudulent conversion of funds belonging to Access Bank Plc.
He was sentenced following evidence that between March and July 2020, he exploited a system glitch at Access Bank’s Alausa branch during the COVID-19 lockdown to unlawfully withdraw funds far beyond his approved credit card limit.
Investigations revealed that the convict, who maintained multiple accounts with the bank, had initially applied for and obtained a personal loan of N1.1 million to meet what he described as “urgent financial needs.” He later secured a credit card facility with a withdrawal limit of N43,000 linked to his account at the Alausa, Ikeja branch.
The court heard that in March 2020, a system error at the bank erroneously increased Faleti’s credit card limit from N43,000 to N54.9 million. Taking advantage of the glitch, he proceeded to make withdrawals far above the approved limit.
Further investigations showed that between March and July 2020, Faleti made near-daily cash withdrawals ranging from N500,000 to N5 million, totaling N50,939,966.
Following the conclusion of investigations, the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) initially arraigned Faleti on a one-count charge of stealing N48,992,271.73. The charge was later amended to five counts.
One of the counts reads, “That you, Olawale Solomon Faleti, sometime between the 2nd and 10th of July 2020 in Lagos, within the Ikeja jurisdiction of this Honourable Court, with dishonest intent, converted to your own use the total sum of N12,528,598.00 (Twelve Million, Five Hundred and Twenty-Eight Thousand, Five Hundred and Ninety-Eight Naira), property of Access Bank Plc.”
Another count reads, “That you, Olawale Solomon Faleti, sometime between the 22nd of May 2020 and 1st of July 2020 in Lagos, within the Ikeja jurisdiction of this Honourable Court, with dishonest intent, converted to your own use the total sum of N6,808,480.00 (Six Million, Eight Hundred and Eight Thousand, Four Hundred and Eighty Naira), property of Access Bank Plc.”
Faleti pleaded not guilty to the charges in a language he understands, leading to a full trial.
During proceedings, prosecution counsel A.M. Dambuwa called two witnesses and tendered several documents, including Faleti’s extra-judicial statements, bank correspondence, and account statements, all of which were admitted into evidence. The defence also called two witnesses, including the defendant.
Delivering judgment, Justice Oshodi described Faleti’s actions as “calculative,” noting that he carried out multiple withdrawals despite knowing he lacked authorization. The judge added that the defendant showed no genuine remorse or acceptance of responsibility.
The court consequently sentenced Faleti to two years and five months’ imprisonment on each count, with the sentences to run concurrently.
Justice Oshodi further ordered Faleti to make restitution to the petitioner within six months from the date of judgment, without an option of a fine.
The court also directed the prosecution to trace and attach any property owned by the convict to recover the outstanding balance of N45,961,700.23 and to confirm restitution payments to the court.
The judge additionally ordered that Faleti’s name be entered into the Lagos State Offenders Registry maintained by the Lagos State Judiciary. Failure to comply with the court’s orders would result in the convict serving his sentence at the Ikoyi Maximum Correctional Centre, Lagos.
