A Lagos Special Offences Court in Ikeja has again slammed the gavel on a familiar name in financial crime circles, sentencing an ex-convict, Oluokun Gabriel Adekola, to three years’ imprisonment for his role in a N12 million theft linked to a multi-billion naira banking fraud.City & Local Guides
Justice Rahman Oshodi delivered the judgment on Tuesday, underscoring the defendant’s troubling return to crime despite a prior conviction that had seen him jailed for two decades.
Adekola, who was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), pleaded guilty to a one-count amended charge bordering on stealing.
Court proceedings revealed that the convict collaborated with accomplices still at large in 2025 to conceal and disguise the origin of N12 million paid into his account. Investigators traced the funds to a staggering N3.09 billion fraud perpetrated on accounts domiciled in a second generation bank, executed through unauthorized access and mobile banking channels.
The illicit proceeds were subsequently funneled through Point of Sale (POS) operators and converted into cash—highlighting the evolving tactics of financial crime syndicates.
In a striking disclosure, the prosecution, led by E. S. Okongwu, presented evidence of Adekola’s criminal past. A Certified True Copy of a July 23, 2020 judgment showed that he had previously been sentenced to 20 years’ imprisonment by Justice Joyce Abdulmalik of the Federal High Court, Ibadan, for defrauding a Taiwanese national of $22,300.
Despite this history, the defence counsel, Fabian Nwaforji, urged the court to show leniency, noting that the defendant had spent four years and six months in custody and expressed remorse.
Justice Oshodi, however, described the offence as money laundering and pointedly referenced the defendant’s status as a repeat offender. While acknowledging his guilty plea and willingness to make restitution, the court ruled that punishment was necessary to serve as both justice and deterrence.
Consequently, Adekola was sentenced to three years’ imprisonment and ordered to restitute N3.5 million to the bank within three months.
The ruling reinforces growing concerns among law enforcement authorities over recidivism in financial crimes and the persistent exploitation of Nigeria’s banking channels by fraud networks.
