The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on Monday, March 16, 2026, arraigned an ex-convict, Oluokun Gabriel Adekola, before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, over an alleged N12 million theft.
Adekola was brought before the court on a one-count amended charge bordering on stealing to the tune of N12,000,000.
According to the charge, the defendant, alongside others still at large, allegedly collaborated in 2025 to conceal and disguise the origin of the funds by transferring and converting the money into cash through Point of Sale (POS) agents.
The sum is said to be part of a larger N3,091,441,849 fraudulently obtained from accounts domiciled with First City Monument Bank (FCMB) through unauthorized access and fraudulent mobile banking transactions.
Upon arraignment, Adekola pleaded guilty to the charge.
Following his plea, prosecution counsel, M. K. Bashir and E. S. Okongwu, requested a date for the review of facts and sentencing. They also urged the court to remand the defendant in a correctional facility.
Justice Oshodi subsequently adjourned the case to March 17, 2026, for the review of facts and sentencing, and ordered that the defendant be remanded in a correctional centre.
Further checks revealed that Adekola is a repeat offender. He was previously convicted on July 23, 2020, by Justice Joyce Abdulmalik of the Federal High Court, Ibadan, Oyo State, where he was sentenced to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300 in a case prosecuted by the EFCC’s Ibadan Zonal Directorate.