N12m Theft: Court jails ex-convict for three years

The Lagos State Special Offences Court in Ikeja has sentenced an ex-convict, Oluokun Adekola, to three years’ imprisonment for theft of N12 million.

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Delivering judgement on Tuesday, the trial judge, Rahman Oshodi, held that the Economic and Financial Crimes Commission (EFCC) proved beyond reasonable doubt that the convict concealed and converted the funds via a money laundering scheme.

According to a statement by EFCC spokesperson, Dele Oyewale, on Tuesday, the convict was arraigned on 16 March by the EFCC on one count of money laundering involving the theft of the money.

Charge

EFCC accused Mr Adekola and others still at large, in 2025 in Lagos, conspired to conceal and disguise the origin of N12 million paid into his account.

The commission alleged that the sum was part of a larger N3.09 billion fraud allegedly perpetrated through unauthorised access to accounts domiciled with the First City Monument Bank via mobile banking platforms. The funds were subsequently withdrawn and converted to cash through Point of Sale (POS) agents.

The defendant pleaded guilty upon arraignment.

During the proceedings, the prosecution lawyer, E. S. Okongwu, tendered a Certified True Copy of a prior judgement delivered on 23 July 2020, by another judge, Joyce Abdulmalik, who was then sitting in the Ibadan, Oyo State, division of the Federal High Court.

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In the judgement, Ms Abdulmalik sentenced the convict to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300.

The statement explained that the document was admitted as Exhibit 1.

The prosecution also sought an order for restitution of N3.5 million to the nominal complainant.

In his plea for mercy on behalf of the convict, defence lawyer Fabian Nwaforji pleaded for leniency, arguing that the defendant was remorseful and had already spent four years and six months in prison. He urged the court to temper justice with mercy.

Judgement

In his judgement on Tuesday, Mr Oshodi noted that the defendant is a repeat offender but acknowledged his early guilty plea, expression of remorse, and willingness to make restitution.

READ ALSO: EFCC arraigns ex-convict for alleged N12 million theft

The court consequently sentenced Mr Adekola to three years’ imprisonment and ordered him to make restitution of N3.5 million to FCMB within three months.

Mr Adekola’s case is a reflection of the growing prevalence of mobile banking and POS-linked fraud schemes in Nigeria, where stolen funds are quickly broken into smaller cash withdrawals to frustrate tracing efforts.

The EFCC has repeatedly flagged such “layering” techniques as common in cybercrime-related money laundering.

In November 2025, the House of Representatives expressed concern over a surge in fraud linked to POS operators across the country because the terminals have become a popular cash source for businesses and individuals seeking alternatives to ATMs, even though ATM fees are lower.

The Chairman of the House Ad-hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and POS Operations in Nigeria, Olufemi Bamisile, lamented what he described as the infiltration of unlicensed crypto-related activities in the sector.

He said authorities had received multiple reports of unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer practices, warning that these lapses are exposing Nigerians to serious risks of financial loss, cybercrime, and security breaches.