Reported by: Ijeoma G | Edited by: Gabriel Osa
An Ikeja Special Offences and Domestic Violence Court has sentenced a former Lagos State Ministry of Education Director, Olawale Solomon Faleti, to two years and five months in prison for fraudulently withdrawing ₦48.9 million from Access Bank Plc by taking advantage of an unauthorised access glitch in the bank’s system during the COVID-19 pandemic.
Justice Rahman Oshodi convicted the 64-year-old on five counts of stealing following a prosecution by the Economic and Financial Crimes Commission (EFCC), which presented evidence showing that Faleti repeatedly withdrew funds he knew he had no authorisation to access. The court described his conduct as “deliberate, calculated and sustained,” noting that he failed to show genuine remorse or fully accept responsibility for his actions.
The prosecution told the court that Faleti had access to an Access Bank credit card that permitted withdrawals of not less than ₦43,000 per transaction, but instead used a system error to illicitly withdraw just under ₦48 million between May and July 2020. Among the allegations were withdrawals of ₦12.6 million between 2 and 10 July 2020 and ₦6.9 million between 22 May and 1 July 2020, all belonging to the bank.
In delivering judgment, Justice Oshodi stressed the importance of protecting public confidence in financial institutions, saying that “those who attempt to defraud or steal from banks must understand that severe consequences will follow.” The maximum sentence available under the law was three years, but the judge applied a 20 per cent reduction because Faleti was being sentenced as a first-time offender and had made minimal restitution before his conviction.
The sentences on all five counts were ordered to run concurrently, with the prison term to begin on 5 January 2026. The court directed that Faleti’s biometric details and name be entered into the Lagos State Judiciary Offenders’ Registry.
In addition to the custodial term, the court ordered Faleti to refund the outstanding ₦45.9 million to Access Bank, after crediting the ₦3 million he had already returned. Access Bank was directed to notify the court once full restitution is made.
The EFCC counsel, Ahmed Dambuwa, underscored that Faleti’s exploitation of the system glitch and unlawful conversion of bank funds contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
The conviction highlights ongoing efforts by Nigerian authorities to clamp down on financial crimes and send a strong message that abuse of banking systems — even where technical vulnerabilities exist — will attract serious legal consequences.
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