Ex-Lagos Education Director Olawale Faleti jailed 2 years 5 months for stealing N48.9m from Access Bank, following EFCC conviction
Olawale Faleti, former Lagos State Education Director, was sentenced to two years and five months’ imprisonment on Monday for stealing N48.9 million from Access Bank.
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The Ikeja Special Offences and Domestic Violence Court, presided over by Justice Rahman Oshodi, delivered the verdict following charges filed by the Economic and Financial Crimes Commission (EFCC).
Justice Oshodi found Faleti, 64, guilty on five counts of theft, noting his repeated unauthorised withdrawals.
The judge said Faleti showed no genuine remorse and did not fully accept responsibility for his criminal conduct.
“Financial institutions are the lifeblood of our economy, and public confidence in them must be maintained,” Justice Oshodi said. “Those who seek to defraud or steal from financial institutions must know they will face severe consequences.”
The court applied a 20 per cent reduction from the three-year maximum sentence due to Faleti’s first-time offender status and partial restitution of N3 million. Sentences for the five counts will run concurrently.
Faleti was also ordered to pay an additional N45.9 million to Access Bank. His biometric details will be entered into the Lagos State Judiciary offenders’ database, and his name added to the state’s Offenders’ Registry.
EFCC counsel Ahmed Dambuwa told the court that Faleti exploited unauthorised access through an Access Bank credit card during a system glitch in 2020, withdrawing sums from N6.9 million to N12.6 million in multiple transactions.
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The offences contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
