Olayiwola Oguntade, a former employee of the Joint Admissions and Matriculation Board (JAMB), has been sentenced to five years in prison for committing loan fraud and forgery.
The Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) charged him in October 2020 with three serious offenses: forging documents, advance fee fraud, and obtaining money by false pretenses, totaling N10 million.
Count one of his reads
“That you, Olayiwola Oguntade sometime in 2010 at Ibadan within the jurisdiction of this Honourable Court with intent to defraud obtained the sum of N10, 000, 000.00K (Ten Million Naira) only, by false pretence through Kola Al-Amin from Polybadan Microfinance Bank Ltd and thereby committed an offence of obtaining money by false pretence, contrary to Section 1 (i) (b) and 1 (3) of the Advance Fee Fraud and Other Related Offences Act, 2006.”
Count two reads
“That you, Olayiwola Oguntade sometime in 2010 within the jurisdiction of this Honourable Court forged an LPO titled: Re: Supply of Internet Services, purported to have been issued by the Joint Admissions and Matriculation Board (JAMB) dated 15th October, 2010 with Ref No. JAMB/FIN/282/Vol.4/445 and thereby committed an offence of Forgery, contrary to Section 467 of the Criminal Code Law Cap 38, Laws of Oyo State, 2000.”
Oguntade denied the charges, which led to a lengthy trial lasting over four years. The prosecution team, led by Oyelakin Oyediran and Lanre Suleiman, presented compelling evidence, including testimony from ten witnesses and documents showing Oguntade’s involvement in the crime.
On January 28, 2025, Justice Taiwo ruled that the prosecution had proven its case beyond reasonable doubt, and Oguntade was found guilty and sentenced to five years in prison without an option of a fine.
Oguntade, who worked in JAMB’s Finance and Accounts Department, forged important documents like a Local Purchase Order (LPO) and a Letter of Domiciliation to fraudulently secure a loan of N10 million from Polybadan Microfinance Bank.
He falsely claimed the loan was for a contract from JAMB to provide internet services. Oguntade involved his friend, K. Ola Al-Amin, to help submit the forged documents to the bank under Al-Amin’s name.
Al-Amin successfully secured the loan, but instead of using it for the internet services, the money was transferred to three companies: Reeden Investment Limited, Danmarg Multiventures Company, and Enrich System Nigeria Limited.
These companies had been tricked by Oguntade into accepting the forged LPOs as proof of legitimate contracts.
After investigations, it was revealed that the loan was obtained through fraud, and Oguntade was convicted for his actions.
