By Peace Udugba -The daily torch media
Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, March 24, 2026, convicted and sentenced an ex-convict, Oluokun Gabriel Adekola, to three years’ imprisonment for theft involving N12 million.
Adekola was arraigned on March 16, 2026, by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on a one-count amended charge bordering on stealing.
The charge stated that the defendant, alongside others still at large, in 2025 in Lagos, collaborated to conceal and disguise the origin of N12,000,000 paid into his account.
The funds were said to be part of a larger sum of N3,091,441,849 fraudulently obtained from accounts domiciled with First City Monument Bank (FCMB) through unauthorised access and mobile banking fraud. The money was reportedly withdrawn and converted to cash through Point of Sale (POS) agents.
Upon arraignment, Adekola pleaded guilty to the charge.
Further proceedings revealed that the defendant had a prior conviction. On July 23, 2020, Justice Joyce Abdulmalik of the Federal High Court, Ibadan, Oyo State, had sentenced him to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300.
Prior to sentencing in the current case, prosecution counsel, E. S. Okongwu, tendered a Certified True Copy of the July 23, 2020 judgment, which was admitted as evidence. The prosecution also sought restitution of N3.5 million to the nominal complainant.
In his allocutus, defence counsel, Fabian Nwaforji, pleaded for leniency, stating that the convict was remorseful and had already spent four years and six months in prison, urging the court to temper justice with mercy.
Delivering judgment, Justice Oshodi held that the offence constituted money laundering and noted the defendant’s status as a repeat offender. However, he acknowledged the early guilty plea and willingness to make restitution.
Consequently, the court sentenced Adekola to three years’ imprisonment and ordered him to restitute N3.5 million to FCMB within three months.
