Former Lagos Education Director Sentenced Over ₦48.9 Million Access Bank Fraud

A Special Offences and Domestic Violence Court sitting in Ikeja has sentenced Olawale Faleti, a former Director in the Lagos State education sector, to two years and five months in prison for unlawfully converting ₦48.9 million belonging to Access Bank Plc.

The judgment was delivered on Monday by Justice Rahman Oshodi, who found the 64-year-old guilty on five separate counts of theft following prosecution by the Economic and Financial Crimes Commission (EFCC).

Court Finds Sustained Financial Misconduct

While delivering the ruling, Justice Oshodi stated that the offence was not accidental but involved a continuous and intentional pattern of withdrawals. The court noted that Faleti repeatedly accessed funds without lawful approval, even though he had no authority to operate the account in question.

According to the judge, the defendant’s actions showed clear intent, as the withdrawals continued over time instead of being a single occurrence.

Absence of Remorse Influenced Sentencing

The court further observed that Faleti failed to demonstrate sincere remorse and did not fully accept responsibility for his conduct throughout the trial.

Justice Oshodi emphasised the importance of protecting public confidence in the financial system, stating that banks play a crucial role in economic stability and must be shielded from fraudulent practices.

He warned that individuals who attempt to exploit financial institutions should expect firm legal consequences.

Reduced Sentence but Mandatory Jail Term

Although the court acknowledged that Faleti had no prior criminal record, it ruled that imprisonment was unavoidable due to the gravity of the offence.

A 20 percent reduction was applied to the maximum statutory sentence of three years, considering the partial repayment already made by the convict. As a result, Faleti was handed two years and five months’ imprisonment on each count, to run concurrently.

Prison Term and Repayment Order

The court ordered that the prison sentence would take effect from January 5, 2026. It also directed that Faleti’s biometric information and personal records be entered into the Lagos State Judiciary offenders’ database.

In addition, after accounting for the ₦3 million already refunded, the court ordered Faleti to pay the remaining ₦45.9 million to Access Bank Plc. The bank was instructed to officially notify the court once full repayment has been completed.

How the Fraud Occurred

During the proceedings, EFCC prosecutor Ahmed Dambuwa explained that the defendant had taken advantage of unauthorised access to an Access Bank credit card.

The card was designed to permit withdrawals of not less than ₦43,000 per transaction. However, a technical system error during the COVID-19 lockdown in 2020 allowed Faleti to withdraw far larger sums.

Investigators revealed that the malfunction enabled cumulative withdrawals amounting to approximately ₦48 million over a defined period.

Breakdown of the Transactions

The charges detailed that Faleti converted:

• ₦12.6 million between July 2 and July 10, 2020
• ₦6.9 million between May 22 and July 1, 2020

All the funds were confirmed to be the property of Access Bank Plc.

Applicable Law

The offences were found to be in violation of Section 287(1)(a) of the Criminal Law of Lagos State, 2015, which criminalises theft and unlawful conversion of property.