Court Jails Man for N12m Theft in Lagos

A Lagos court has sentenced a man to prison after finding him guilty of a multi-million naira theft linked to banking fraud.

The case, which also revealed a prior conviction, highlights ongoing concerns around financial crimes and repeat offenders in Nigeria’s banking system. Here is what has been confirmed about the Lagos theft case N12 million.

The Special Offences Court in Ikeja, Lagos, has convicted Oluokun Gabriel Adekola for theft involving N12 million.

Justice Rahman Oshodi delivered the judgment on Tuesday after the defendant pleaded guilty to a one-count amended charge filed by the Economic and Financial Crimes Commission.

The Lagos theft case N12 million stems from transactions traced to the defendant’s account in 2025.

According to the prosecution, Adekola worked with accomplices who are still at large to conceal the origin of the funds.

The N12 million was said to be part of a larger sum exceeding N3 billion reportedly obtained through:

• Mobile banking fraud
• Unauthorized access to bank accounts

The prosecution stated that the funds were later withdrawn and converted to cash through Point of Sale operators.

The Lagos theft case N12 million is one of several recent cases highlighting vulnerabilities in digital banking systems.

At his arraignment on March 16, 2026, Adekola pleaded guilty to the charge.

During proceedings, the court was informed of his prior conviction.

He had previously been sentenced in 2020 by a Federal High Court in Ibadan for a separate fraud case involving a foreign victim.

This history was presented in court as evidence and considered during sentencing in the Lagos theft case N12 million.

In delivering judgment, Justice Oshodi noted that the defendant was a repeat offender.

However, the court also considered:

• His guilty plea
• His expression of remorse

As part of the ruling in the Lagos theft case N12 million, the court ordered:

• A three-year prison sentence
• Restitution of N3.5 million to First City Monument Bank within three months

The court’s decision balanced punishment with the opportunity for partial financial recovery.

The Lagos theft case N12 million underscores the risks associated with financial crimes, especially those involving digital banking platforms.

It also highlights the importance of accountability, particularly for individuals with prior convictions.

Authorities continue to encourage stronger monitoring systems and public awareness to reduce similar incidents.