A Lagos court has sentenced Olawale Faleti, a former director in the Lagos State Ministry of Education, to two years and five months in prison for stealing N48.9 million from Access Bank Plc. Justice Rahman Oshodi of the Ikeja Special Offences and Domestic Violence Court found Faleti guilty on five counts of theft brought by the Economic and Financial Crimes Commission (EFCC). The judge said the actions were deliberate and sustained, even though Faleti had no authority to access or withdraw the funds.

The court noted that Faleti showed little remorse during the trial and failed to fully accept responsibility for his actions. Justice Oshodi stressed that financial institutions rely heavily on public trust and warned that anyone who attempts to defraud banks must expect serious punishment. Although Faleti was a first-time offender, the court ruled that a jail term was necessary to serve as a deterrent to others.

In determining the sentence, the judge reduced the maximum three-year term by 20 percent because Faleti had made a partial repayment. He was therefore sentenced to two years and five months on each of the five counts, to run at the same time. The sentence will begin from January 5, 2026, and the court also ordered that his biometric details be entered into the Lagos State Judiciary offenders’ register.

Faleti was further ordered to refund the remaining N45.9 million to Access Bank after deducting N3 million already paid. The bank was directed to inform the court once full repayment is completed. The EFCC told the court that Faleti took advantage of a system error during the COVID-19 period in 2020 to withdraw the money through an unauthorized credit card, an act that violated the Criminal Law of Lagos State.