Court Jails Ex-Lagos Education Director for Stealing ₦48.9m
An Ikeja Special Offences and Domestic Violence Court has sentenced a former Lagos State Education Director, Olawale Faleti, to two years and five months’ imprisonment for stealing ₦48.9 million belonging to Access Bank Plc, marking another high-profile conviction in Nigeria’s ongoing anti-corruption drive.
Court Finds Calculated Abuse of Trust
Delivering judgment, Justice Rahman Oshodi found the 64-year-old guilty on five counts of stealing, holding that the offences were deliberate and sustained. The court noted that Faleti made repeated withdrawals despite being aware he lacked authorisation, describing the conduct as calculated and devoid of genuine remorse.
According to the judge, financial institutions are critical to economic stability, and any breach of public trust undermines confidence in the system. He stressed that custodial sentences remain necessary to deter similar offences, particularly where abuse of access and opportunity is evident.
Sentence, Restitution and Registry
Justice Oshodi imposed a sentence of two years and five months on each of the five counts, to run concurrently. In arriving at the term, the court applied a 20 per cent reduction from the three-year maximum sentence, taking into account Faleti’s status as a first-time offender and limited restitution.
The court further ordered the convict to refund ₦45.9 million to Access Bank Plc, after deducting ₦3 million already restituted. Akahi News gathered that the bank has been directed to notify the court upon full recovery of the funds. Faleti’s sentence commenced on January 5, with his biometric details to be registered in the Lagos State Judiciary offenders’ database and his name entered into the state’s offenders’ registry.
How the Funds Were Allegedly Taken
Earlier in the proceedings, prosecution counsel told the court that Faleti dishonestly converted ₦48.9 million by exploiting unauthorised access linked to a system glitch during the COVID-19 pandemic in 2020. The prosecution alleged that the credit card granted him limited withdrawal privileges, which he repeatedly exceeded over several weeks.
Specific charges detailed multiple conversions of bank funds between May and July 2020, including withdrawals amounting to ₦12.6 million and ₦6.9 million on separate occasions. The offences were said to contravene provisions of the Criminal Law of Lagos State, 2015.
Broader Implications
Observers note that the judgment reinforces judicial intolerance for financial crimes involving institutional trust, especially where public officers are concerned. Analysts believe the ruling sends a clear message that status or prior service will not shield offenders from accountability.
The conviction and sentencing of Olawale Faleti underscore the courts’ resolve to uphold financial integrity and deter economic crimes. As restitution efforts continue, Akahi News will monitor developments surrounding compliance with the court’s orders and their broader impact on public confidence in Nigeria’s financial and justice systems.
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