In a dramatic turn of events that has sent shockwaves through the educational sector and the financial world, a former director in the Lagos State Ministry of Education, Olawale Solomon Feleti, has been handed down a hefty prison sentence for a staggering financial crime. The 64-year-old official has been found guilty of defrauding Access Bank Plc of a colossal sum of N48,992,271.73, a crime he committed by exploiting a loophole during the chaos of the COVID-19 pandemic.
This landmark case highlights the ongoing battle against corruption and financial malfeasance in Nigeria. Here’s a quick rundown of the key points:
- Who: Olawale Solomon Feleti, a 64-year-old former Lagos State Education Director.
- What: Convicted of stealing N48,992,271.73 from Access Bank Plc.
- How: Exploited a COVID-19 pandemic glitch to gain unauthorized access to the bank’s credit card system.
- When: The fraud occurred between July 2 and July 10, 2020, with individual withdrawals made around May and July 2020.
- Sentence: Two years and five months imprisonment for each of the five counts, to run concurrently.
- Restitution: Ordered to repay N3 million to the court and N45,991,271.73 to Access Bank Plc.
- Additional Penalty: A N5 million fine, with a potential non-custodial sentence if restitution is made.
A Clever, Yet Costly, Scheme Unraveled
The Lagos State Special Offences and Domestic Violence Court in Ikeja has spoken, and the verdict is clear: crime, no matter how sophisticated, does not pay. Justice Rahman Oshodi, presiding over the case, delivered a stern judgment against Feleti, sealing his fate with a prison term of two years and five months for each of the five charges he faced. These sentences, thankfully for Feleti, will be served concurrently, meaning he won’t serve double the time.
Exploiting a Pandemic Window
The Economic and Financial Crimes Commission (EFCC) laid bare Feleti’s cunning plan. It’s alleged that Feleti, leveraging his knowledge and perhaps a bit of opportunism, discovered and exploited a technical glitch within Access Bank’s credit card system during the unprecedented times of the COVID-19 pandemic in 2020. This allowed him to make unauthorized withdrawals, reportedly around N43,000 per transaction, amassing a fortune illicitly.
The Numbers Don’t Lie: A Detailed Breakdown of the Theft
The EFCC meticulously detailed the financial assault on Access Bank. Feleti didn’t just take a small amount; he systematically siphoned off millions. Here’s a glimpse into the scale of the misappropriation:
| Date of Transactions | Amount Stolen (N) |
|---|---|
| Various, between July 2-10, 2020 | 12,528,598.00 |
| May 22, 2020 | 6,808,480.00 |
| July 1, 2020 | (Part of the total amount) |
| Total Dishonestly Converted | Approximately 48,000,000.00 |
These actions are in direct violation of Section 287(1)(a) of the Criminal Law of Lagos State, 2015, which clearly defines and punishes theft and fraudulent conversion of property. It’s a stark reminder that the law is watching, even during global crises.
Justice Oshodi’s Verdict: No Remorse, No Excuses
Justice Oshodi was unsparing in his assessment of Feleti’s conduct. The judge pointed out that the ex-director’s actions were not impulsive but rather a series of calculated moves. “He made multiple withdrawals despite knowing that he had no authorisation to do so,” the court noted. Furthermore, the bench observed a distinct lack of remorse and a failure on Feleti’s part to accept responsibility for his egregious actions. This lack of contrition likely played a significant role in the severity of the sentence handed down.
Beyond Imprisonment: Restitution and Registration
The court’s judgment extends beyond just incarceration. Feleti has been ordered to make significant restitution. He must pay N3 million directly to the court and a hefty N45,991,271.73 to the nominal complainant, Access Bank Plc. The judge made it clear that if Feleti manages to make full restitution, the bank should formally inform the court.
Adding to the penalties, a fine of N5 million has been imposed. Interestingly, the court suggested that Feleti might be eligible for a non-custodial sentencing option, provided he complies with the restitution order. This offers a sliver of hope for a different path, but only through genuine atonement.
The Consequence of Corruption
As of January 5, 2026, Feleti’s custodial sentence officially begins. He will be held at the Maximum Security Facility. In a move aimed at public accountability, his name will also be officially entered into the Lagos State offenders’ registry, maintained by the Lagos State Judiciary. This serves as a permanent record of his transgression.
This case is a powerful testament to the Nigerian judiciary’s commitment to fighting financial crimes. It sends a clear message to public officials and individuals in positions of trust: integrity is paramount, and the consequences for betraying that trust can be severe. The EFCC continues its relentless pursuit of financial criminals, ensuring that justice, though sometimes slow, is ultimately served.