An ex-convict, Oluokun Adekola, has been sentenced to three years’ imprisonment for his involvement in a sophisticated N12 million theft, part of a larger fraud scheme involving unauthorized access to bank accounts.
The sentencing concludes the legal proceedings against the repeat offender, whose actions included concealing and disguising the origin of stolen funds through multiple transactions.
Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, delivered the sentence on Tuesday. Adekola had been arraigned on March 16, 2026, by the Lagos Zonal Directorate 1 of the EFCC on a one-count amended charge of stealing N12,000,000 (Twelve Million Naira).
The lone count charge reads: “That you, OLUOKUN GABRIEL ADEKOLA, and other persons at large, sometime in 2025 in Lagos within the jurisdiction of this Honourable court, collaborated with others to conceal and disguise the genuine origin of N12,000,000 paid into your account by transferring and converting same to cash through Point of Sale (POS) agents, money which forms part of N3,091,441,849 stolen from accounts domiciled with FCMB through unauthorized access and fraudulent activities on their mobile banking applications.”
The court convicted Adekola following his guilty plea to the charge, with the sentence aimed at deterring similar offences involving the laundering of proceeds from massive cyber-enabled frauds targeting bank customers.
