Ex-convict faces fresh trial over alleged N12m theft — EFCC
Lagos Court Reopens Case Against Ex-Convict for N12 Million Theft
The Economic and Financial Crimes Commission (EFCC) has once again brought Oluokun Gabriel Adekola, a previously convicted felon, before the court. Adekola appeared on Monday, March 16, 2026, at the Special Offences Court in Ikeja, facing charges related to the theft of N12 million.
The EFCC has filed a modified single-count charge against Adekola concerning this theft. Prosecutors allege that the offense took place in 2025 in Lagos and involved the transfer and conversion of stolen funds through Point of Sale (POS) operators.
The court’s charge detailed that Adekola, along with unidentified accomplices, allegedly worked to conceal the true origin of N12 million, which was transferred into his account. Prosecutors claim this amount is part of N3,091,441,849 stolen from accounts at First City Monument Bank (FCMB) using fraudulent access to the bank’s mobile banking applications.
In his court appearance, Adekola pleaded guilty to the allegations.
Following this admission, the EFCC legal team, led by M. K. Bashir and E. S. Okongwu, requested a date for evidence examination and sentencing. They also sought to have Adekola remain in custody until the next hearing.
Justice Rahman Oshodi subsequently adjourned the case until March 17, 2026, for a review of the facts and sentencing, ordering that Adekola be remanded in a correctional facility.
Previously, on July 23, 2020, Adekola was convicted by Justice Joyce Abdulmalik of the Federal High Court in Ibadan, Oyo State, receiving a 20-year sentence for obtaining money under false pretenses.
The case is expected to continue on March 17, when the court will review the evidence and determine an appropriate sentence.
