The Economic and Financial Crimes Commission (EFCC) has arraigned an ex-convict, Oluokun Gabriel Adekola, before the Lagos State Special Offences Court in Ikeja over an alleged N12 million theft connected to a larger bank fraud scheme.
Adekola was brought before Justice Rahman Oshodi on Monday, March 16, 2026, by the Lagos Zonal Directorate 1 of the anti-graft agency.
According to prosecutors, the defendant allegedly conspired with several accomplices who remain at large to conceal and disguise the origin of N12 million paid into his bank account in 2025.
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The EFCC told the court that Adekola allegedly moved the funds through a network of Point-of-Sale (POS) agents, converting the money into cash in an attempt to hide its source.
Investigators further alleged that the N12 million forms part of a much larger fraud involving N3,091,441,849 reportedly stolen from accounts domiciled with a new generation bank. The funds were said to have been siphoned through unauthorized access and fraudulent transactions carried out on the bank’s mobile banking platforms.
When the charge was read in court, Adekola pleaded guilty.
Following the plea, the court is expected to determine the next legal steps in accordance with the relevant provisions of the law.
