Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
In a significant ruling that highlights Nigeria’s ongoing fight against financial crimes, a Lagos State court on Tuesday, March 24, 2026, sentenced former convict Oluokun Gabriel Adekola to three years’ imprisonment for his role in the theft of N12 million. The ruling was delivered by Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, following a guilty plea and a review of the circumstances surrounding the offence.
The case was brought by the Economic and Financial Crimes Commission (EFCC), which alleged that in 2025 Adekola, in collaboration with others, transferred N12 million into his bank account and converted it into cash through Point of Sale agents in an effort to conceal its origin. The EFCC stated that this amount was part of a larger sum fraudulently withdrawn from accounts with First City Monument Bank through unauthorized access and digital banking fraud. Adekola admitted his role in the offence when the charge was read to him in court.
During the sentencing, the court considered Adekola’s plea and the nature of the crime before ordering a custodial term of three years. Justice Oshodi emphasized that the offence was serious and warranted imprisonment to serve as a deterrent. The court had previously remanded Adekola in custody following his guilty plea and scheduled the sentencing after reviewing the facts of the case.
The EFCC highlighted that the use of POS agents to convert electronic funds into cash was a deliberate attempt to disguise the trail of stolen money. This conviction adds to Adekola’s criminal record; he was previously convicted in July 2020 by the Federal High Court in Ibadan, Oyo State, for fraudulently obtaining $22,300 from a foreign national and sentenced to 20 years’ imprisonment.
Legal experts note that the Lagos ruling reflects a stronger judicial approach to white-collar crime, particularly cases involving digital banking fraud. Such crimes pose significant challenges to Nigeria’s financial sector, prompting law enforcement agencies to pursue rigorous prosecutions and custodial sentences to deter offenders.
Supporters of the conviction say it reinforces the rule of law and serves as a warning to those who attempt to exploit financial systems. Critics, however, argue that punitive sentences alone may not prevent recidivism and call for complementary rehabilitation programs to address the root causes of repeat offending.
As Adekola begins serving his three-year term, the EFCC continues to investigate linked matters involving unauthorized access to bank accounts and conversion of funds. The case underscores the judiciary’s commitment to addressing economic crimes and maintaining integrity in Nigeria’s financial sector.
The outcome also signals that repeat offenders face stringent consequences and that the Nigerian courts are prepared to uphold justice even in complex financial crimes involving technology and sophisticated concealment methods.
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