Court jails ex-Lagos director 29 months for N48.9 million bank theft

An Ikeja Special Offences and Domestic Violence Court on Monday sentenced a former Lagos State education director, Olawale Faleti, to two years and five months’ imprisonment for stealing N48.9 million from Access Bank.
Justice Rahman Oshodi convicted Mr Faleti, 64, on five counts of stealing after finding him guilty of charges brought by the Economic and Financial Crimes Commission (EFCC).
Delivering judgement, Mr Oshodi held that Mr Faleti’s actions were calculated, noting he made repeated withdrawals in spite of knowing he lacked authorisation.
The judge said the convict showed no genuine remorse and failed to fully accept responsibility for his criminal conduct.
He said, “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.
“Taking all circumstances into account, including aggravating and mitigating factors, a custodial sentence is necessary and appropriate.
“I apply a 20 per cent discount from the three-year maximum sentence, recognising your status as a first-time offender and minimal restitution efforts.”
The court sentenced Mr Faleti to two years and five months’ imprisonment on each of the five counts.
Mr Oshodi ordered that the sentences should run concurrently.
“You are therefore sentenced to two years’ and five months’ imprisonment,” the judge said.
He added that Mr Faleti’s biometric details would be registered in the Lagos State Judiciary offenders’ database.
After deducting the N3 million already restituted, the court ordered Mr Faleti to pay an additional N45.9 million to Access Bank Plc.
The judge directed Access Bank to notify the court upon full restitution by the convict.
The court ordered that Faleti’s sentence begin on January 5 and that his name be entered in the Lagos State Offenders’ Registry.
Earlier, EFCC counsel, Ahmed Dambuwa, told the court that Mr Faleti dishonestly converted N48.9 million belonging to Access Bank.
Mr Dambuwa said Mr Faleti had access to an Access Bank credit card permitting withdrawals of not less than N43,000 per transaction.
He said Mr Faleti exploited unauthorised access caused by a system glitch to withdraw about N48 million during the COVID-19 pandemic in 2020.
One charge stated that between July 2 and July 10, 2020, Mr Faleti converted N12.6 million, property of Access Bank Plc, for personal use.
Another charge said that between May 22 and July 1, 2020, Mr Faleti converted N6.9 million belonging to Access Bank Plc.
The EFCC said the offences contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

States
Tinubu advised me never to negotiate with criminals, Gov Ododo says
“I don’t play with criminals, and I don’t negotiate with them. I can tell you that, as far as Kogi State is concerned, we don’t have a department for ransom payment,” he said.

Heading 1
U.S. has spent $37.5 billion on Iran war: Hegseth
“The estimate we have as of today is $37.5 billion,” Mr Hegseth said.

Lagos
Slain Lagos NURTW organising secretary buried amid tears
Mr Ajiboye died days after he was attacked by gunmen.

Africa
144 refugees, migrants dead, missing off Mauritania coast: UNHCR
“The refugees and migrants were reported dead or missing after attempting the perilous sea journey from West Africa towards Europe,” the agency said.

World
U.S. govt condemns Ortega’s ban on elections in Nicaragua
Mr Rubio urged the international community to rise against Mr Ortega’s dictatorship.

World
Zelensky sacks Ukraine’s top general after firing defence minister
Mr Syrskyi’s dismissal came days after Mr Zelensky fired Ukraine’s defence minister, Mykhailo Fedorov, a decision that sparked protests across the country.





