A former Director in the Lagos State Ministry of Education, Olawale Solomon Faleti, has been sentenced to 29 months in prison for stealing N48.9 million from Access Bank Plc by exploiting a system glitch during the COVID-19 pandemic.
Faleti, who is 64 years old, was convicted by a Lagos State High Court sitting in Ikeja after being found guilty of multiple counts of stealing. The court ruled that his actions amounted to a clear abuse of trust and a deliberate attempt to unlawfully enrich himself at the expense of the bank.
The offence occurred between March and July 2020, a period marked by widespread disruption caused by the COVID-19 pandemic. During this time, Faleti took advantage of a technical glitch in Access Bank’s electronic payment system to withdraw sums far above the approved transaction limit on his credit card.
According to the evidence presented in court, Faleti’s Access Bank credit card had a maximum withdrawal limit of N43,000 per transaction. Despite this restriction, he was able to make repeated withdrawals of significantly larger amounts due to the system malfunction.
Through this method, Faleti successfully withdrew a total of N48.9 million from the bank over several months. Investigators told the court that the withdrawals were not accidental but were carried out deliberately and repeatedly, indicating a calculated effort to exploit the system.
The Economic and Financial Crimes Commission prosecuted Faleti on five counts of stealing. The charges were brought under Section 287(1)(a) of the Criminal Law of Lagos State, 2015, which criminalises theft and prescribes penalties for offenders.
During the trial, the EFCC detailed how Faleti converted large portions of the stolen funds for his personal use. The prosecution established that sums including N12.6 million and N6.9 million were unlawfully appropriated by the former public official for private purposes.
Justice Rahman Oshodi, who delivered the judgment, held that the prosecution had successfully proven its case beyond reasonable doubt. The judge stated that the evidence clearly showed Faleti knowingly exploited the banking system glitch to steal funds that did not belong to him.
In his ruling, Justice Oshodi described Faleti’s conduct as “calculative,” noting that the repeated withdrawals over an extended period demonstrated careful planning rather than an isolated or inadvertent act. The court also observed that Faleti did not show genuine remorse for his actions.
The judge further noted that Faleti’s status as a senior civil servant at the time of the offence made his actions particularly troubling. The court held that public officials are expected to uphold the highest standards of integrity, especially during a national crisis such as the COVID-19 pandemic.
As part of the sentence, the court ordered Faleti to make restitution to Access Bank. He was directed to repay the outstanding sum of N45.9 million, after taking into account N3 million he had already refunded during the investigation.
Justice Oshodi emphasized that restitution was necessary to ensure that the victim of the crime, Access Bank, was adequately compensated for the financial loss incurred as a result of Faleti’s actions. The repayment order was made in addition to the custodial sentence.
Faleti was subsequently sentenced to a total of two years and five months in prison for the offences. The sentence reflects the court’s view of the seriousness of the crime and the need to deter similar acts of financial misconduct.
The conviction adds to ongoing efforts by anti-corruption authorities to hold individuals accountable for financial crimes, particularly those involving abuse of electronic banking systems. The EFCC has repeatedly warned that exploiting technical loopholes in financial institutions constitutes a criminal offence under Nigerian law.
The case highlights the risks posed by system vulnerabilities and underscores the importance of robust safeguards within the banking sector. It also serves as a reminder that individuals who exploit such weaknesses, regardless of their status or position, may face severe legal consequences.
