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.
Justice Rahman Oshodi convicted Faleti, 64, on five counts of stealing, after finding him guilty of charges brought by the Economic and Financial Crimes Commission (EFCC).
Delivering judgment, Oshodi held that Faleti’s actions were calculated, noting he made repeated withdrawals in spite of knowing he lacked authorisation. The judge said the convict showed no genuine remorse and failed to fully accept responsibility for his criminal conduct.
He said: “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 sentenced Faleti to two years and five months’ imprisonment on each of the five counts.
Oshodi ordered that the sentences should run concurrently.
