The Economic and Financial Crimes Commission (EFCC) has arraigned an ex-convict, Oluokun Adekola, over an alleged N12 million theft before the Lagos State Special Offences Court sitting in Ikeja, Lagos.
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5 Key Points
- The Economic and Financial Crimes Commission arraigned ex-convict Oluokun Adekola before a Lagos Special Offences Court over an alleged N12 million theft and money laundering case.
- Adekola was brought before Justice Rahman Oshodi at the Ikeja court by the EFCC’s Lagos Zonal Directorate 1 on March 16, 2026.
- The EFCC alleged that Adekola and accomplices still at large conspired in 2025 to conceal and disguise the origin of N12 million paid into his bank account.
- According to prosecutors, the defendant allegedly transferred and converted the funds to cash through Point-of-Sale (POS) agents to hide the source of the money.
- The commission said the N12 million was part of over N3.09 billion allegedly stolen from customer accounts in a new-generation bank through unauthorized access and fraudulent mobile banking transactions. Adekola pleaded guilty when the charge was read in court.
Adekola was brought before Justice Rahman Oshodi on Monday, March 16, 2026, by the Lagos Zonal Directorate 1 of the anti-graft agency.
The EFCC said the defendant and several accomplices who are currently at large, allegedly collaborated in 2025 to conceal and disguise the origin of N12 million paid into his bank account.
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Prosecutors said the suspect allegedly transferred and converted the funds to cash through Point-of-Sale (POS) agents in a bid to obscure the source of the money.
The commission further alleged that the N12 million forms part of N3,091,441,849 reportedly stolen from accounts domiciled with a new generation bank through unauthorized access and fraudulent activities carried out on the bank’s mobile banking applications.
When the charge was read to him in court, Adekola pleaded guilty.
Following the plea, the court is expected to determine the next steps in the case in line with the provisions of the law.
