A Lagos Special Offences Court sitting in Ikeja has sentenced Olawale Solomon Faleti, a former employee of the Lagos State Ministry of Education, to two years and five months imprisonment for stealing ₦48.9 million from a commercial bank by exploiting a system glitch during the COVID-19 lockdown.
Justice Rahman Oshodi delivered the judgment on Monday, January 5, 2026, after finding Faleti guilty on multiple counts of stealing and dishonest conversion of funds belonging to Access Bank Plc.
Investigations revealed that Faleti initially applied for and received a ₦1.1 million personal loan to meet what he described as urgent financial needs. He later obtained a credit card facility with a ₦43,000 withdrawal limit, domiciled at the bank’s Alausa branch in Ikeja.
However, in March 2020, amid disruptions caused by the COVID-19 lockdown, a system glitch at the bank erroneously increased Faleti’s credit card limit from ₦43,000 to ₦54.9 million. Rather than alert the bank, prosecutors said Faleti took advantage of the error, making rapid and repeated withdrawals far beyond his approved limit.
Between March and July 2020, Faleti allegedly withdrew sums ranging from ₦500,000 to ₦5 million almost daily, amassing a total of over ₦50.9 million, of which ₦48,992,271.73 formed the basis of the charges against him.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, initially arraigned Faleti on a one-count charge before filing a five-count amended charge bordering on stealing. Faleti pleaded not guilty, leading to a full trial.
During the proceedings, prosecution counsel A.M. Dambuwa presented two witnesses and tendered documentary evidence, including Faleti’s extra-judicial statements, bank correspondence, and account statements. The defence also called two witnesses, including Faleti himself.
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In his ruling, Justice Oshodi described Faleti’s actions as “calculative”, noting that he made multiple withdrawals while fully aware he had no authorisation to access such funds. The judge added that Faleti showed no genuine remorse and failed to take responsibility for his actions.
Faleti was convicted on all counts and sentenced to two years and five months imprisonment on each count, with the sentences to run concurrently.
The EFCC confirmed the conviction in a statement posted on its official X (formerly Twitter) handle, describing the judgment as part of ongoing efforts to deter financial crimes and uphold accountability in Nigeria’s banking system.