Repeat Offender Jailed Three Years for Laundering N12m in N3.09bn FCMB Fraud

Justice Rahman Oshodi of the Lagos Special Offences Court in Ikeja sentenced repeat offender Oluokun Gabriel Adekola to three years in prison for laundering N12 million linked to a broader N3.09 billion scam at First City Monument Bank. Adekola pleaded guilty to a one-count charge of stealing when he was arraigned by the EFCC in March 2026. The commission told the court he conspired with others to disguise the origin of funds paid into his account in 2025. Prosecutors said the N12 million was part of over N3.09 billion siphoned from customer accounts through unauthorised mobile banking access. POS agents were used to withdraw and convert the proceeds to cash. The court noted Adekola’s 2020 conviction for defrauding a foreign national and his expression of remorse. He was also ordered to restitute N3.5 million to FCMB within three months.

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