An Ikeja Special Offences and Domestic Violence Court has sentenced a former Director in the Lagos State Ministry of Education, Olawale Faleti, to a total of two years and five months in prison for stealing N48.9 million from Access Bank Plc.
Justice Rahman Oshodi found the 64-year-old guilty on five counts of stealing, following a prosecution by the Economic and Financial Crimes Commission (EFCC). The court held that the offences were deliberate and carried out over a period of time, despite the defendant’s awareness that he had no authority to access the funds.
In his judgment, Justice Oshodi said Faleti’s conduct showed careful planning, noting that he repeatedly withdrew funds while fully conscious of the illegality of his actions. The judge added that the former education official failed to demonstrate genuine remorse or accept full responsibility for the offence.
He said: “Financial institutions are the lifeblood of our economy and public confidence in them must be maintained.
“Those who seek to defraud or steal from financial institutions must know they will face severe consequences.
“Taking all circumstances into account, including aggravating and mitigating factors, a custodial sentence is necessary and appropriate.
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“I apply a 20 per cent discount from the three-year maximum sentence, recognising your status as a first-time offender and minimal restitution efforts.”
Justice Oshodi sentenced Faleti to two years and five months’ imprisonment on each of the five counts, ordering that the jail terms run concurrently.
“You are, therefore, sentenced to two years and five months’ imprisonment,” the judge ruled.
He further directed that Faleti’s biometric information be captured in the Lagos State Judiciary offenders’ database and that his name be entered into the Lagos State Offenders’ Registry. The court ordered that the sentence take effect from January 5.
After taking into account the N3 million already refunded by the convict, the court ordered Faleti to pay the outstanding sum of N45.9 million to Access Bank Plc. The bank was also directed to inform the court once full restitution had been made.
Earlier, EFCC counsel, Ahmed Dambuwa, told the court that Faleti dishonestly converted a total of N48.9 million belonging to Access Bank. He explained that the convict had access to an Access Bank credit card that allowed withdrawals of not less than N43,000 per transaction.
According to the prosecution, Faleti took advantage of unauthorised access resulting from a system glitch to withdraw about N48 million during the COVID-19 pandemic in 2020.
One of the charges stated that Faleti converted N12.6 million, property of Access Bank Plc, for personal use between July 2 and July 10, 2020. Another charge alleged that he converted N6.9 million belonging to the bank between May 22 and July 1, 2020.
The EFCC said the offences contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
