The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 1, has brought an ex-convict, Oluokun Gabriel Adekola, before the law once again. Adekola appeared on Monday, March 16, 2026, before Justice Rahman Oshodi at the Special Offences Court in Ikeja to face allegations involving a N12 million theft.
According to the EFCC, the defendant was brought to court on a modified single-count charge centered on the theft of N12,000,000 (Twelve Million Naira).
According to the prosecution, the alleged offence occurred sometime in 2025 in Lagos and involved the transfer and conversion of stolen funds through Point of Sale (POS) operators.
The charge read in court stated: “That you, OLUOKUN GABRIEL ADEKOLA, and other persons at large, sometime in 2025 in Lagos within the jurisdiction of this Honourable Court, collaborated with others to conceal and disguise the genuine origin of N12,000,000 paid into your account by transferring and converting same to cash through Point of Sale (POS) agents, money which forms part of N3,091,441,849 stolen from accounts domiciled with FCMB through unauthorized access and fraudulent activities on their mobile banking applications.”
When the allegation was presented to him in the courtroom, Adekola pleaded guilty.
Following the admission of guilt, the legal team for the EFCC, led by M. K. Bashir and E. S. Okongwu, requested the court to set a date to examine the evidence and decide on a punishment. The lawyers also requested that the accused be kept in custody until the next hearing.
Justice Oshodi subsequently adjourned the matter until March 17, 2026, for the review of the facts of the case and sentencing. The judge also directed that the defendant be remanded in a correctional facility.
According to the EFCC, Adekola was previously convicted on July 23, 2020. At that time, Justice Joyce Abdulmalik of the Federal High Court in Ibadan, Oyo State, handed him a 20-year prison sentence.
The conviction followed his prosecution by the Ibadan Zonal Directorate of the EFCC on a six-count amended charge bordering on obtaining money by false pretence.
The case is expected to continue on March 17, when the court will review the facts and determine the appropriate sentence.
