Former Lagos Director Sentenced To 29 Months For N48.9 Million Bank Theft

 

"You Exploited Access Bank System Glitch To Steal N48.9m" — Court

Former Lagos State Education Director, Olawale Faleti, has been sentenced to two years and five months in prison for stealing N48.9 million from Access Bank. The Ikeja Special Offences and Domestic Violence Court found Faleti, 64, guilty of five counts of stealing, brought by the Economic and Financial Crimes Commission (EFCC).

Justice Rahman Oshodi ruled that Faleti's actions were calculated, noting he made repeated withdrawals despite lacking authorization. The judge emphasized the importance of maintaining public confidence in financial institutions, stating that those who defraud or steal from them will face severe consequences 

Faleti exploited a system glitch to withdraw the funds during the COVID-19 pandemic in 2020. He has been ordered to pay an additional N45.9 million to Access Bank, after deducting the N3 million already restituted.

Delivering judgement, Mr Oshodi held that Mr Faleti’s actions were calculated, noting he made repeated withdrawals in spite of knowing he lacked authorisation.

The judge said the convict showed no genuine remorse and failed to fully accept responsibility for his criminal conduct.

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.

“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.”

The court sentenced Mr Faleti to two years and five months’ imprisonment on each of the five counts.

Mr Oshodi ordered that the sentences should run concurrently.

“You are therefore sentenced to two years’ and five months’ imprisonment,” the judge said.

He added that Mr Faleti’s biometric details would be registered in the Lagos State Judiciary offenders’ database.

After deducting the N3 million already restituted, the court ordered Mr Faleti to pay an additional N45.9 million to Access Bank Plc.

The judge directed Access Bank to notify the court upon full restitution by the convict.

The court ordered that Faleti’s sentence begin on January 5 and that his name be entered in the Lagos State Offenders’ Registry.

Earlier, EFCC counsel, Ahmed Dambuwa, told the court that Mr Faleti dishonestly converted N48.9 million belonging to Access Bank.

Mr Dambuwa said Mr Faleti had access to an Access Bank credit card permitting withdrawals of not less than N43,000 per transaction.

He said Mr Faleti exploited unauthorised access caused by a system glitch to withdraw about N48 million during the COVID-19 pandemic in 2020.

One charge stated that between July 2 and July 10, 2020, Mr Faleti converted N12.6 million, property of Access Bank Plc, for personal use.

Another charge said that between May 22 and July 1, 2020, Mr Faleti converted N6.9 million belonging to Access Bank Plc.

The EFCC said the offences contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.