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: 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.
Godwin Emefiele Denies Link to Forfeited Assets, States Properties Are Owned by Relative Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), has refuted claims of ownership regarding funds and properties recently forfeited to the Nigerian federal government. In a recent ruling, Justice Yellim Bogoro of the Federal High Court in Lagos granted a final forfeiture of assets worth $4.7 million, N830 million, and multiple properties allegedly linked to Emefiele. Emefiele’s Official Statement Reacting through a press release issued by his legal representative, Olawale Fapohunda, Emefiele firmly denied any connection between himself, his immediate family, and the forfeited assets. He clarified that some of the properties belong to a relative and urged the public to refrain from associating them with him. Emefiele emphasized that a prior ruling from the same Federal High Court had earlier lifted an interim forfeiture order on these assets. However, in a recent development, Justice Bogoro ruled in favor of their final forfeiture. Legal Team’s Clarification The press statement reads: “Our attention has been drawn to media reports indicating that Justice Bogoro of the Federal High Court, Ikoyi, Lagos, has granted a final forfeiture order on certain assets allegedly linked to one Anita Joy Omoile and her companies, including DeepBlue Energy Limited. “It is crucial to clarify that DeepBlue Energy Limited, which was established in 2009, is owned by a relative of Mr. Godwin Emefiele and not by Mr. Emefiele himself. “For the avoidance of doubt, we, as the legal representatives of Mr. Emefiele, categorically state that our client does not own the assets in question, nor does any member of his immediate family. “Additionally, we wish to highlight that Justice Aneke of the same Federal High Court in Ikoyi, Lagos, had previously dismissed an interim forfeiture order on the same assets now forfeited by Justice Bogoro. “We urge stakeholders and the public to take note of these facts and cease associating the forfeited properties with Mr. Emefiele.” Background on the Case The forfeiture case has drawn significant public attention, as Emefiele, who previously served as Nigeria’s top banker, has been under scrutiny over financial transactions linked to his tenure. However, his legal representatives maintain that the allegations are misleading and that their client has no ownership ties to the assets. External Reference For further details on the court’s ruling, read the full report on Premium Times. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
