Ikeja: A former Lagos State Education Director, Olawale Faleti, has been sentenced to two years and five months in prison for stealing ₦48.9 million from Access Bank.
Justice Rahman Oshodi of the Ikeja Special Offences and Domestic Violence Court convicted the 64-year-old on five counts of stealing, following charges brought by the Economic and Financial Crimes Commission (EFCC).
Delivering judgment, Oshodi described Faleti’s actions as calculated, noting he made repeated withdrawals despite knowing he lacked authorisation. The judge said the convict showed no genuine remorse and failed to accept responsibility for his conduct.
“Financial institutions are the lifeblood of our economy, and public confidence in them must be maintained. Those who seek to defraud or steal from financial institutions must know they will face severe consequences,” Oshodi declared.
Applying a 20 per cent discount from the three-year maximum sentence, the judge cited Faleti’s status as a first-time offender and minimal restitution efforts. He ordered that the sentences run concurrently, totalling two years and five months.
Faleti’s biometric details will be entered into the Lagos State Judiciary offenders’ database. After deducting ₦3 million already restituted, the court directed him to pay an additional ₦45.9 million to Access Bank, with the bank required to notify the court upon full restitution.
His sentence officially commenced on January 5, and his name will be entered in the Lagos State Offenders’ Registry.
Earlier, EFCC counsel Ahmed Dambuwa told the court that Faleti exploited a system glitch during the COVID-19 pandemic in 2020, using an Access Bank credit card to withdraw funds exceeding ₦43,000 per transaction. Between May and July 2020, he dishonestly converted ₦48.9 million for personal use, including ₦12.6 million within just eight days.The EFCC said the offences contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
