Ex-convict Sentenced to Three Years for N12m Theft

Oluokun Gabriel Adekola was sentenced to three years in prison by Justice Rahman Oshodi at the Special Offences Court sitting in Ikeja, Lagos, for stealing N12 million. Adekola was found guilty of charges related to a larger conspiracy involving the concealment and disguise of the origin of the stolen funds, which were part of a larger fraud totaling N3,091,441,849.

He was arraigned on March 16, 2026, by the Lagos Zonal Director of the Economic and Financial Crimes Commission. Adekola had previously been convicted on July 23, 2020, by Justice Joyc Abdulmalik at the Federal High Court in Ibadan, Oyo State, where he received a 20-year sentence for defrauding a Taiwanese national of $22,300.

During the current proceedings, the prosecution presented a certified true copy of the earlier judgment. Adekola's defense counsel, Fabian Nwaforji, pleaded for leniency, noting Adekola's remorse and his prior time served in custody.

The court ordered Adekola to restitute N3.5 million to First City Monument Bank within three months.