Ex-Lagos Education Director Jailed For Stealing ₦48.9m From Access Bank

Ikeja, Lagos State– A Lagos court has sentenced a former director in the Lagos State Ministry of Education, Olawale Faleti, to two years and five months in prison for stealing ₦48.9 million from Access Bank Plc.

Faleti, 64, was convicted on Monday by Justice Rahman Oshodi of the Ikeja Special Offences and Domestic Violence Court on five counts of stealing brought against him by the Economic and Financial Crimes Commission (EFCC).

In his judgment, Justice Oshodi held that the offence was deliberate and sustained, noting that Faleti repeatedly withdrew funds he knew he was not authorised to access.

“The evidence before the court shows a clear pattern of dishonest conversion,” the judge said, adding that the convict failed to demonstrate genuine remorse or take full responsibility for his actions.

Describing financial institutions as “the lifeblood of the economy,” Oshodi stressed that public confidence in banks must be protected, warning that “those who attempt to defraud or steal from banks must understand that severe consequences will follow.”

Although the court acknowledged Faleti as a first-time offender, it ruled that a custodial sentence was unavoidable.

The judge applied a 20 per cent reduction from the three-year maximum sentence, citing minimal restitution made by the convict as a mitigating factor.

Faleti was sentenced to two years and five months’ imprisonment on each of the five counts, with the sentences to run concurrently. The court ordered that the sentence take effect from January 5, 2026.

Justice Oshodi also directed that Faleti’s name and biometric details be entered into the Lagos State Judiciary offenders’ registry.

After deducting ₦3 million already refunded, the court ordered Faleti to pay the outstanding ₦45.9 million to Access Bank Plc and directed the bank to notify the court upon full recovery of the funds.

Earlier, EFCC counsel, Ahmed Dambuwa, told the court that Faleti dishonestly converted ₦48.9 million belonging to Access Bank by exploiting unauthorised access to the bank’s credit card system.

According to the prosecution, although the credit card allowed withdrawals of not less than ₦43,000 per transaction, 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 property of Access Bank Plc.

The offences were said to contravene Section 287(1)(a) of the Criminal Law of Lagos State, 2015.