RismadarVoice Reporters
January 7, 2026
Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced Olawale Solomon Faleti, a former staff of the Lagos State Ministry of Education, to two years and five months imprisonment for stealing the sum of N48,992,271.73.
Faleti was convicted on Monday, January 5, 2026, following the conclusion of his trial over the unlawful conversion of funds belonging to Access Bank Plc.
Investigations revealed that the convict, who maintained multiple accounts with a new generation bank, applied for and obtained a personal loan of N1,100,000, purportedly to meet urgent financial needs. He also applied for and was issued a credit card with an approved withdrawal limit of N43,000, domiciled on his account at the Alausa Ikeja branch of the bank.
Further investigations showed that due to a system glitch experienced by the bank in March 2020 during the COVID 19 lockdown, Faleti’s credit card limit was erroneously increased from N43,000 to N54,900,000.
Taking advantage of the error, Faleti made several unauthorized withdrawals far above the approved credit limit. Between March 2020 and July 2020, he reportedly withdrew sums ranging from N500,000 to N5,000,000 almost daily, amounting to a total of N50,939,966.
Upon the conclusion of investigations, the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission arraigned the defendant on charges bordering on stealing the sum of N48,992,271.73. The prosecution later amended the charge to five counts.
One of the counts stated that Faleti, between July 2 and July 10, 2020, dishonestly converted the sum of N12,528,598, property of Access Bank Plc, to his personal use. Another count alleged that between May 22 and July 1, 2020, he converted the sum of N6,808,480, also belonging to the bank.
Faleti pleaded not guilty to all the charges, prompting a full trial. During the proceedings, prosecution counsel, A.M. Dambuwa, called two witnesses and tendered several documents, including the defendant’s extra judicial statements, the bank’s response letters and account statements, all of which were admitted in evidence.
The defence also called two witnesses, including the defendant himself.
In his judgment, Justice Oshodi described the defendant’s actions as deliberate and calculative, noting that he made repeated withdrawals despite knowing that he lacked authorization.
The court held that the defendant showed no genuine remorse, failed to take responsibility for his actions.
Consequently, Faleti was found guilty and sentenced to two years and five months imprisonment on each of the counts, with the sentences to run concurrently.
The judge further ordered the convict to make restitution to the petitioner within six months from the date of judgment. The restitution order was made without an option of fine.
Justice Oshodi also directed the prosecution to trace and attach any property owned by the convict, including those already identified before the court, to cover the outstanding balance of N45,961,700.23. The prosecution was ordered to confirm compliance with the restitution order to the court.
In addition, the court ordered that if the convict opts to pay a fine, he must pay the sum of N5 million within six months, failing which he would serve his prison term at the Ikoyi Maximum Correctional Centre in Lagos.
The judge also ordered that Faleti’s name be entered into the Lagos State Offenders Registry maintained by the Lagos State Judiciary.
