An Ikeja Special Offences and Domestic Violence Court on Monday sentenced a former Lagos State Education Director, Olawale Faleti, to two years and five months’ imprisonment for stealing N48.9 million from Access Bank Plc.

Justice Rahman Oshodi convicted Faleti, aged 64, on five counts of stealing after finding him guilty of charges filed by the Economic and Financial Crimes Commission.

While delivering judgment, the trial judge held that Faleti’s actions were deliberate and well thought out, stressing that the former director made repeated withdrawals despite being fully aware that he lacked authorisation to do so.

Justice Oshodi further observed that the convict failed to show genuine remorse for his actions and did not fully accept responsibility for the criminal conduct.

According to the judge, “Financial institutions are the lifeblood of our economy, and public confidence in them must be maintained.

“Those who seek to defraud or steal from financial institutions must know they will face severe consequences.

“Taking all circumstances into account, including aggravating and mitigating factors, a custodial sentence is necessary and appropriate.

“I apply a 20 per cent discount from the three-year maximum sentence, recognising your status as a first-time offender and minimal restitution efforts.”

The court subsequently sentenced Faleti to two years and five months’ imprisonment on each of the five counts brought against him.

Justice Oshodi ordered that the sentences should run concurrently.

“You are therefore sentenced to two years and five months’ imprisonment,” the judge declared.

The court also ruled that Faleti’s biometric details should be captured and registered in the Lagos State Judiciary offenders’ database.

After deducting the sum of N3 million already restituted by the convict, the judge ordered Faleti to pay an additional N45.9 million to Access Bank Plc.

Justice Oshodi directed Access Bank to formally notify the court upon full restitution of the outstanding amount by the convict.

The court further ordered that Faleti’s jail term should take effect from January 5 and that his name be entered into the Lagos State Offenders’ Registry.

Earlier in the trial, counsel to the EFCC, Mr Ahmed Dambuwa, told the court that Faleti dishonestly converted the sum of N48.9 million belonging to Access Bank Plc for personal use.

Dambuwa explained that the former education director had access to an Access Bank credit card that permitted withdrawals of not less than N43,000 per transaction.

He added that Faleti took advantage of unauthorised access arising from a system glitch to withdraw about N48 million during the COVID-19 pandemic in 2020.

One of the charges stated that between July 2 and July 10, 2020, Faleti converted N12.6 million, property of Access Bank Plc, for his personal use.

Another charge revealed that between May 22 and July 1, 2020, Faleti also converted N6.9 million belonging to Access Bank Plc.

The EFCC said the offences committed by Faleti contravened Section 287(1)(a) of the Criminal Law of Lagos State, 2015.