Court Jails Former Lagos State Education Director for Stealing N48.9 Million from Access Bank During System Glitch

Olawale Faleti, a former Lagos State Education Director, has been sentenced to two years and five months in prison for illegally withdrawing N48.9 million from Access Bank Plc, taking advantage of a system glitch during the COVID-19 pandemic.

The judgment was delivered on Monday by Justice Rahman Oshodi at the Ikeja Special Offences and Domestic Violence Court. Faleti, 64, was convicted on five counts of theft following charges filed by the Economic and Financial Crimes Commission (EFCC).

Justice Oshodi described the offences as “deliberate and sustained,” noting that Faleti repeatedly withdrew funds without proper authorisation. The judge also highlighted that Faleti did not fully acknowledge responsibility for his actions nor show genuine remorse.

“Financial institutions are the backbone of our economy, and public trust in them must be safeguarded,” the judge said. “Anyone attempting to defraud banks must understand that severe penalties will ensue.”

Although Faleti was recognised as a first-time offender, the court ruled that a custodial sentence was unavoidable. A 20 per cent reduction from the statutory maximum of three years was applied, reflecting partial restitution already made. His sentences on the five counts will run concurrently, starting from January 5, 2026.

The court ordered that Faleti’s biometric data and personal details be recorded in the Lagos State Judiciary offenders’ registry. In addition, he must pay the remaining N45.9 million to Access Bank after deducting N3 million he had already repaid. The bank is required to notify the court once full repayment is completed.

During the trial, EFCC counsel Ahmed Dambuwa explained that Faleti gained unauthorised access to an Access Bank credit card, which allowed him to make multiple withdrawals of at least N43,000 per transaction. A system error during the 2020 pandemic enabled him to withdraw approximately N48 million.

Specific charges included converting N12.6 million between July 2 and July 10, 2020, and N6.9 million between May 22 and July 1, 2020, all belonging to Access Bank. The offences contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.