By Clement Abayomi
Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, has sentenced ex-convict Oluokun Adekola to three years in prison on Tuesday, 24 March, 2026 for stealing N12 million.
Adekola received the jail term after pleading “guilty” to stealing N12 million. The Economic and Financial Crimes Commission (EFCC) brought the case against him following a fraud investigation in Lagos.
Adekola was first brought before the court on March 16, 2026, according to a statement from the EFCC’s Media and Publicity department.
He faced a single amended charge related to stealing. The court heard that in 2025, Adekola worked with others who are still at large to hide the source of N12 million paid into his account.
The prosecution explained that the money was part of a much larger sum (over N3 billion) stolen from First City Monument Bank (FCMB).
The criminals, according to the EFCC, gained “unauthorised access” to the bank’s mobile app to move the funds.
Adekola reportedly helped turn the stolen money into cash by using Point of Sale (POS) agents.
He was said to have admitted to the crime during the proceedings. And after his “guilty” plea, the prosecution lawyers, M. K. Bashir and E. S. Okongwu, asked the court to review the facts and pass a sentence.
Oshodi briefly adjourned the case and ordered that the defendant stay in a correctional centre until the final ruling.
This is not Adekola’s first time facing the law.
Records showed that on July 23, 2020, Justice Joyce Abdulmalik of the Federal High Court in Ibadan sentenced him to 20 years in prison.
In that previous case, he was found guilty of defrauding a Taiwanese citizen of $22,300.
Adekola, despite his past conviction, returned to crime, leading to this latest three-year sentence in Lagos.
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