A Lagos Special Offences and Domestic Violence Court has sentenced former Lagos State Education Director, Olawale Faleti, to two years and five months in prison for stealing N48.9 million belonging to Access Bank Plc.
Justice Rahman Oshodi convicted the 64-year-old on five counts of theft, following a prosecution brought by the Economic and Financial Crimes Commission (EFCC).
The judge said Faleti’s actions were calculated and repeated, adding that he kept withdrawing money despite having no authorisation to use the funds. He also criticised the former official for failing to show genuine remorse.
“Financial institutions are the backbone of our economy, and public trust in them must be safeguarded,” Justice Oshodi said. “Anyone attempting to defraud banks must understand that severe penalties will ensue.”
Although the court noted that Faleti was a first-time offender, it ruled that imprisonment was unavoidable. A 20 per cent reduction was applied to the statutory maximum sentence of three years, partly because Faleti had made some restitution.
The court heard that Faleti exploited access to an Access Bank credit card during the COVID-19 period in 2020. A system glitch allowed him to withdraw large sums repeatedly — no less than N43,000 per transaction — eventually amassing about N48 million.
Prosecutors detailed several withdrawals, including N12.6 million between July 2 and July 10, 2020, and another N6.9 million between May 22 and July 1, 2020.
The offences breached Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
Faleti received concurrent sentences of two years and five months on each count. His jail term will run from January 5, 2026.
The court ordered that his biometric records be entered into the Lagos State offenders’ registry and directed him to repay the remaining N45.9 million to Access Bank after deducting N3 million already refunded. Access Bank was told to notify the court once the full amount is recovered.
