By SUNTV Global Channel | January 6, 2026
A Lagos State High Court sitting in Ikeja has sentenced a former Director in the Lagos State Ministry of Education, Olawale Faleti, to two years and five months’ imprisonment for stealing ₦48.9 million from Access Bank Plc.
Justice Rahman Oshodi of the Ikeja Special Offences and Domestic Violence Court delivered the judgment on Monday after finding Faleti guilty on five counts of stealing brought against him by the Economic and Financial Crimes Commission (EFCC).
Faleti, aged 64, was convicted after the court held that the offences were deliberate, calculated and sustained, stressing that he repeatedly withdrew funds he knew he was not authorised to access.
In his ruling, Justice Oshodi said the evidence before the court revealed a clear pattern of abuse and dishonest conversion, noting that the defendant failed to show genuine remorse or take full responsibility for his actions.
“Financial institutions are the lifeblood of our economy, and public confidence in them must be preserved at all costs,” the judge stated.
“Those who attempt to defraud or steal from banks must understand that severe consequences will follow.”
Although the court acknowledged that Faleti was a first-time offender, Justice Oshodi ruled that a custodial sentence was unavoidable due to the scale and persistence of the crime. He applied a 20 per cent reduction from the statutory maximum sentence of three years, citing Faleti’s limited restitution as a mitigating factor.
Faleti was sentenced to two years and five months on each count, with the sentences ordered to run concurrently. The court directed that the sentence take effect from January 5, 2026, and ordered that his biometric details and name be entered into the Lagos State Judiciary’s offenders’ registry.
The court also ordered Faleti to refund the outstanding ₦45.9 million to Access Bank Plc, after deducting the ₦3 million he had already restituted. Access Bank was directed to formally notify the court once full recovery of the funds is made.
Earlier, EFCC counsel Ahmed Dambuwa told the court that Faleti dishonestly converted ₦48.9 million belonging to Access Bank by exploiting unauthorised access to a bank credit card.
According to the prosecution, the card was meant to allow withdrawals of not less than ₦43,000 per transaction, but a system glitch enabled Faleti to withdraw about ₦48 million during the COVID-19 pandemic in 2020.
One of the charges stated that between July 2 and July 10, 2020, Faleti converted ₦12.6 million for personal use, while another alleged that between May 22 and July 1, 2020, he converted ₦6.9 million, all funds belonging to Access Bank Plc.
The offences contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
SUNTV Global Channel reports that the judgment reinforces the judiciary’s stance on financial crimes and serves as a warning to individuals who attempt to exploit weaknesses in the banking system.
