Ex-Lagos Education Director Sentenced to 2 Years 5 Months for Misappropriating N48.9 Million
Story:
An Ikeja Special Offences and Domestic Violence Court has sentenced Olawale Faleti, a former Lagos State Education Director, to two years and five months in prison for illegally diverting N48.9 million from Access Bank Plc.
Justice Rahman Oshodi, who presided over the case on Monday, convicted the 64-year-old on five counts of theft following charges filed by the Economic and Financial Crimes Commission (EFCC).
The judge described Faleti’s actions as “deliberate and sustained,” noting that he repeatedly withdrew funds without authorisation and failed to show genuine remorse for his conduct.
“Financial institutions form the backbone of our economy, and public confidence in them must be protected. Anyone attempting to defraud banks should expect severe penalties,” Justice Oshodi said.
While recognising Faleti as a first-time offender, the court ruled that a custodial sentence was necessary. A 20 per cent reduction from the statutory maximum of three years was applied due to partial restitution. Faleti received concurrent sentences of two years and five months on each count, effective from January 5, 2026.
The court also ordered Faleti to repay the remaining N45.9 million to Access Bank after deducting N3 million already returned and directed that the bank notify the court once full repayment is made. His biometric data and details were to be entered into the Lagos State Judiciary offenders’ registry.
EFCC counsel Ahmed Dambuwa explained that Faleti had exploited unauthorised access to an Access Bank credit card during a system error in the COVID-19 pandemic to withdraw roughly N48 million. Specific charges included converting N12.6 million between July 2 and 10, 2020, and N6.9 million between May 22 and July 1, 2020, all belonging to the bank.
The offences were found to contravene Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
