Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, has sentenced Olawale Solomon Faleti, a former employee of the Lagos State Ministry of Education, to two years and five months in prison for stealing N48,992,271.73. The sentencing was announced on Wednesday, January 6, 2026, via the official Twitter handle of the Economic and Financial Crimes Commission (EFCC).
Investigations revealed that Faleti, who held multiple accounts at a new generation bank, initially applied for a personal loan of N1,100,000 to meet urgent financial needs, which the bank granted. He later obtained a credit card with a withdrawal limit of N43,000 for his account at the bank’s Alausa, Ikeja branch.
During the March 2020 COVID-19 lockdown, a system glitch unexpectedly increased his credit card limit from N43,000 to N54,900,000. Faleti took advantage of the error, making daily withdrawals ranging from N500,000 to N5,000,000 between March and July 2020, totaling over N50.9 million.
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Following a full investigation, the EFCC initially charged Faleti with one count of theft involving N48,992,271.73, later amending it to a five-count charge. Among the charges, he was accused of converting N12,528,598 and N6,808,480, properties of Access Bank Plc, for his personal use.
Faleti pleaded not guilty, prompting a detailed trial. The prosecution presented two witnesses and submitted evidence including his statements, bank response letters, and account statements, all admitted by the court. The defense also called two witnesses, including the defendant himself.
On January 5, 2026, Justice Oshodi delivered judgment, describing Faleti’s actions as “calculative,” noting his repeated unauthorized withdrawals and lack of genuine remorse. The court found him guilty and sentenced him to two years and five months in prison for each count, with all sentences to run concurrently.
The case highlights the risks of system vulnerabilities in banks and underscores the EFCC’s commitment to prosecuting financial crimes in Nigeria.
