Former Lagos Education Director jailed for ₦48.9 Million Bank theft

An Ikeja Special Offences and Domestic Violence Court on Monday sentenced former Lagos State Education Director, Olawale Faleti, to two years and five months in prison for stealing ₦48.9 million from Access Bank Plc.

Justice Rahman Oshodi convicted the 64-year-old Faleti on five counts of theft following charges brought by the Economic and Financial Crimes Commission (EFCC). The judge described the offence as deliberate and sustained, noting that Faleti repeatedly withdrew funds despite lacking authorisation.

“The offences were intentional, and the convict has shown neither genuine remorse nor full acceptance of responsibility,” Justice Oshodi said. “Financial institutions are the lifeblood of our economy, and public confidence in them must be preserved. Those who attempt to defraud banks must understand that severe consequences will follow.”

Although acknowledging that Faleti is a first-time offender, the court held that a custodial sentence was unavoidable. A 20 per cent reduction was applied to the three-year maximum sentence due to minimal restitution efforts.

Faleti was sentenced to serve two years and five months on each count concurrently, effective from January 5, 2026. His name and biometric details will be entered into the Lagos State Judiciary offenders’ registry.

The court also ordered that, after deducting ₦3 million already restituted, Faleti pay the outstanding ₦45.9 million to Access Bank, with the bank required to inform the court upon full recovery.

EFCC counsel, Ahmed Dambuwa, told the court that Faleti exploited an unauthorised Access Bank credit card during the COVID-19 pandemic in 2020. While the card permitted withdrawals of not less than ₦43,000 per transaction, a system glitch enabled Faleti to withdraw about ₦48 million.

The charges included converting ₦12.6 million between July 2 and July 10, 2020, and ₦6.9 million between May 22 and July 1, 2020, all belonging to Access Bank Plc. The offences contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.