Justice Rahman Oshodi of the Special Offences Court in Ikeja has sentenced an ex-convict, Oluokun Gabriel Adekola, to three years for his role in the concealment of N12 million.

The judge found him guilty as pleaded when he was arraigned on March 16, 2026, by the the Economic and Financial Crimes Commission (EFCC)  on an amended charge of stealing.

EFCC said Adekola and others still at large collaborated in 2025 to conceal and disguise the origin of N12,000,000 paid into his bank account.

The anti-graft operative said the money formed part of N3,091,441,849 allegedly obtained from First City Monument Bank (FCMB) accounts through unauthorised access and mobile banking fraud, before converting it to cash via Point of Sale (POS) agents.

The EFCC had presented records to the court during proceedings showing that he had been previously convicted on July 23, 2020, by Justice
Joyce Abdulmalik of the Federal High Court in Ibadan, Oyo State.

He was sentenced to 20 years for defrauding a Taiwanese national of $22,300.

However, during the sentencing, EFCC counsel, Ebuka Okongwu, tendered a Certified True Copy (CTC) of the 2020 judgment (suit no. FHC/IB/32c/2018), which was admitted as Exhibit 1. The prosecution also requested restitution of N3.5 million to the nominal complainant.

Adekola’s counsel, Fabian Nwaforji, asked the court to consider his client’s remorse, noting that he had already spent four years and six months in custody, and urged the court to exercise leniency.

Delivering judgment, Justice Oshodi held that the offence fell under money laundering and observed that the defendant was a repeat offender.

The judge considered the early guilty plea and expression of willingness to make restitution and sentenced him to three years. The court  alsp ordered the convict to restitute N3.5 million to FCMB within three months.

He was arraigned on amended charge bordering on stealing to the tune of N12 million by Lagos Zonal Directorate 1 of  EFCC, Ikoyi, on Monday, March 16, 2026.

He pleaded “guilty” to the charge when it was read to him.

Following his plea, the prosecution counsel, M. K. Bashir, and Okongwu asked the court for a date to review the facts of the case and sentencing.

The prosecution also prayed that the defendant be remanded in a correctional centre.

Justice Oshodi adjourned for the review of facts and sentencing, and ordered that the defendant be remanded in a correctional centre.