The Economic and Financial Crimes Commission (EFCC) on Wednesday concluded its case against Oluwole Olutimehin, who is facing trial for allegedly embezzling N13.29 million from Sterling Bank Plc.
Olutimehin is standing trial before Justice Rahman Oshodi at the Lagos State Special Offences Court in Ikeja.
He is charged with one count of fraudulent conversion of the sum of N13.29 million, an offence allegedly committed on or about September 15, 2021.
The case was initially heard before Justice Oluwatoyin Taiwo, who retired in 2023, prompting the reassignment of the matter to Justice Oshodi.
Olutimehin is accused of converting the funds belonging to Sterling Bank for his personal use, a charge which the EFCC says violates Section 280 of the Criminal Law of Lagos State, 2015, punishable under Section 287 of the same law.
At the resumed hearing on Wednesday, the EFCC called its second prosecution witness, Olaniyi Olaleye, an internal auditor at Sterling Bank. Olaleye, led in evidence by EFCC counsel S.I. Suleiman, provided critical testimony regarding the events leading up to the alleged fraud.
According to Olaleye, the irregularities came to light in September 2021 when Sterling Bank noticed unusual activities on its OneBank app, a platform that enables customers to open accounts and carry out online transactions.
The app, which had a daily transaction limit of N500,000, was found to have been compromised, permitting unauthorized withdrawals totalling N13.29 million. These fraudulent transactions involved multiple banks, including GTB, Wema, and Access Bank.
Olaleye confirmed that Sterling Bank filed a petition with the EFCC to investigate the breach.
As part of the investigation, he co-signed the petition and provided the EFCC with relevant account details and supporting evidence. Exhibits A and B, which included the petition and the defendant’s account details, were submitted in court and identified by Olaleye.
The witness further explained that the OneBank app featured a wallet account function that typically allowed transactions up to N500,000 per day. However, the security breach enabled transfers that far exceeded this limit.
The case continues as the court reviews the evidence presented, with the defence yet to make its submission.
The outcome of the trial will determine whether Olutimehin will face any legal consequences for his alleged role in the fraudulent activity.
