Olawale Solomon Faleti, a 64-year-old former Director in the Lagos State Ministry of Education, has been sentenced to two years and five months in prison for stealing N48.9 million from Access Bank Plc.
Faleti exploited a system glitch during the COVID-19 pandemic in 2020, using his Access Bank credit card to withdraw large sums, exceeding the agreed limit of N43,000 per transaction.
The Economic and Financial Crimes Commission (EFCC) prosecuted Faleti on five counts of stealing, and he was found guilty on all charges.
Justice Rahman Oshodi, who delivered the judgment, described Faleti’s actions as “calculative” and noted that he showed no genuine remorse for his crime. The court ordered Faleti to make restitution to Access Bank, paying the outstanding sum of N45.9 million, after deducting N3 million already refunded.
Faleti’s credit card had a withdrawal limit of N43,000 per transaction, but he exploited a system glitch to withdraw large sums, totaling N48.9 million.
The withdrawals were made between March and July 2020, during the COVID-19 pandemic.
Faleti converted N12.6 million and N6.9 million for personal use, among other charges.
The court found Faleti guilty of stealing, breaching Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
