By Nkechi Eze
Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced Olawale Solomon Faleti, a former employee of the Lagos State Ministry of Education, to two years and five months’ imprisonment for the theft of ₦48,992,271.73 from a commercial bank.
Faleti was convicted on Monday, January 5, 2026, following the conclusion of a full trial arising from investigations conducted by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC). The judgment followed his arraignment on charges bordering on stealing and fraudulent conversion of funds belonging to Access Bank Plc.
In a statement signed by the EFCC’s spokesman, Dele Oyewale, investigations revealed that Faleti, who maintained several accounts with the bank, had initially applied for and received a personal loan of ₦1.1 million, which was granted to enable him meet what he described as “urgent financial needs.” He later applied for and obtained a credit card facility with an approved withdrawal limit of ₦43,000, operated under his account domiciled at the Alausa, Ikeja branch of the bank.
Further investigations showed that in March 2020, during the COVID-19 lockdown, a system glitch at the bank led to the wrongful enhancement of Faleti’s credit card limit from ₦43,000 to ₦54.9 million. Exploiting the error, Faleti proceeded to make withdrawals far above his authorised limit.
Between March and July 2020, the convict made almost daily cash withdrawals, ranging from ₦500,000 to ₦5 million, ultimately withdrawing a total of ₦50,939,966. The EFCC’s findings showed that these transactions were carried out deliberately and with full knowledge that he lacked authorisation to access such funds.
Following the completion of investigations, Faleti was first arraigned on a one-count charge of stealing to the tune of ₦48,992,271.73, after which the prosecution filed a five-count amended charge. One of the counts accused him of dishonestly converting ₦12,528,598 between July 2 and July 10, 2020, while another alleged the conversion of ₦6,808,480 between May 22 and July 1, 2020, all properties of Access Bank Plc.
Faleti pleaded not guilty, prompting a full trial. During proceedings, prosecution counsel A. M. Dambuwa called two witnesses and tendered several exhibits, including Faleti’s extra-judicial statements, bank correspondence and account statements, all of which were admitted in evidence. The defence also called two witnesses, including the defendant himself.
Delivering judgment, Justice Oshodi described Faleti’s actions as “calculative,” noting that he repeatedly withdrew funds despite knowing he had no authorisation to do so. The judge further held that the defendant showed no genuine remorse and failed to accept responsibility for his criminal conduct.
The court consequently found Faleti guilty and sentenced him to two years and five months’ imprisonment on each of the counts, with the sentences to run concurrently. Justice Oshodi also ordered him to make restitution to the petitioner within six months of the judgment, without an option of fine.
In addition, the judge directed the prosecution to trace and attach all properties belonging to the convict, including those already identified before the court, to ensure recovery of the outstanding balance of ₦45,961,700.23, and to confirm payment of restitution to the court.
The court further ordered that failure to comply would result in Faleti serving his prison term at the Ikoyi Maximum Correctional Centre, Lagos, and directed that his name be entered into the Lagos State Offenders Registry Database maintained by the Lagos State Judiciary.
