In a judgment, Justice Oshodi held that the offences were deliberate, calculated and sustained, noting that Faleti repeatedly withdrew funds he knew he was not authorised to access.
A Lagos court has sentenced a former Director in the Lagos State Ministry of Education, Olawale Faleti, to two years and five months in prison for stealing ₦48.9 million from Access Bank Plc, following his conviction on multiple counts of theft.
Faleti, 64, was convicted on Monday by Justice Rahman Oshodi of the Ikeja Special Offences and Domestic Violence Court after the court upheld five counts of stealing brought against him by the Economic and Financial Crimes Commission (EFCC).
In a judgment, Justice Oshodi held that the offences were deliberate, calculated and sustained, noting that Faleti repeatedly withdrew funds he knew he was not authorised to access.
The judge said that the evidence before the court "shows a clear pattern of abuse and dishonest conversion,” adding that Faleti failed to demonstrate genuine remorse or take full responsibility for his actions.
Describing financial institutions as the lifeblood of the economy, Oshodi warned that public confidence in the banking system must be protected at all costs.
He said those who attempt to defraud or steal from banks must understand that severe consequences would follow.
"Financial institutions are the lifeblood of our economy and public confidence in them must be preserved.
“Those who attempt to defraud or steal from banks must understand that severe consequences will follow.”
Although the court acknowledged that Faleti was a first-time offender, Justice Oshodi ruled that a custodial sentence was unavoidable due to the scale and persistence of the crime.
He applied a 20 per cent reduction from the statutory three-year maximum sentence, citing Faleti’s limited restitution efforts as a mitigating factor.
Faleti was sentenced to two years and five months’ imprisonment on each of the five counts, with the sentences ordered to run concurrently.
The court directed that the sentence take effect from January 5, 2026, and ordered that Faleti’s biometric details and name be entered into the Lagos State Judiciary’s offenders’ registry.
The court further ordered Faleti to refund the outstanding sum of ₦45.9 million to Access Bank Plc, after deducting ₦3 million already restituted. The bank was directed to formally notify the court upon full recovery of the funds.
Earlier, EFCC counsel, Ahmed Dambuwa, told the court that Faleti dishonestly converted ₦48.9 million belonging to Access Bank by exploiting unauthorised access to a bank credit card.
According to the prosecution, while the card was designed to allow withdrawals of not less than ₦43,000 per transaction, a system glitch enabled Faleti to withdraw about ₦48 million during the COVID-19 pandemic in 2020.
One of the charges stated that between July 2 and July 10, 2020, Faleti converted ₦12.6 million for personal use, while another alleged that between May 22 and July 1, 2020, he converted ₦6.9 million — funds said to be the property of Access Bank Plc.
The offences were said to contravene Section 287(1)(a) of the Criminal Law of Lagos State, 2015.