- Former Lagos education director jailed for bank theft.
- Court finds N48.9 million illegally withdrawn from Access Bank.
- Judge says convict showed no remorse for the crime.
- Court orders full restitution and prison sentence to run concurrently.
A Lagos court has sentenced a former Lagos State education director, Olawale Faleti, to 29 months in prison for stealing N48.9 million from Access Bank, ruling that his actions were deliberate and showed a clear abuse of trust.
Justice Rahman Oshodi of the Ikeja Special Offences and Domestic Violence Court handed down the sentence on Monday after finding Faleti guilty on five counts of stealing brought against him by the Economic and Financial Crimes Commission (EFCC).
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Faleti, aged 64, was convicted after the court established that he knowingly made repeated withdrawals without authorisation, exploiting a system loophole during the COVID-19 pandemic in 2020.
Delivering judgment, Justice Oshodi said the former director failed to show genuine remorse or fully accept responsibility for his actions.
“Financial institutions are the lifeblood of our economy, and public confidence in them must be protected. Anyone who steals from them must expect serious consequences,” the judge said.
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He explained that although the maximum sentence was three years, the court applied a 20 per cent reduction because Faleti was a first-time offender and had made minimal restitution.
The court sentenced Faleti to two years and five months on each count, ordering that the sentences run concurrently. His prison term takes effect from January 5, 2026, and his name is to be entered into the Lagos State Offenders’ Registry.
After deducting N3 million already refunded, the judge ordered Faleti to pay the remaining N45.9 million to Access Bank. The bank was also directed to inform the court once full repayment is made.
Earlier, EFCC prosecutor Ahmed Dambuwa told the court that Faleti abused access to an Access Bank credit card, withdrawing amounts far above the authorised N43,000 limit per transaction.
According to the EFCC, the offences violate Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
