The Economic and Financial Crimes Commission (EFCC) on Monday arraigned an ex-convict Oluokun Adekola at the Lagos State Special Offences Court in Ikeja over an alleged theft of N12 million.
The EFCC spokesperson Dele Oyewale in a statement on Monday, said Mr Adekola was arraigned on an amended count of stealing.
The statement said, Mr Adekola who was convicted of fraud in 2020 pleaded not guilty to the fresh charge.
EFCC alleged in the count that Mr Adekola, sometime in 2025 in Lagos, conspired with other persons said to be on the run to conceal and disguise the genuine origin of N12 million paid into his account by transferring and converting the same to cash through Point of Sale (POS) agents.
The charge alleged that the money formed part of over N3 billion (N3,091,441,849) stolen from accounts domiciled with FCMB through unauthorised access and fraudulent activities on the suspects’ mobile banking applications.
Mr Adekola pleaded guilty to the sole charge when it was read to him.
Following his plea, prosecution counsel, M.K. Bashir and E.S. Okongwu, asked the court for a date to review the facts of the case and sentence.
They also prayed that the defendant be remanded in a correctional centre.
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The statement said trial judge Rahman Oshodi adjourned the matter till 17 March, 2026 for the review of facts and sentence, and also ordered that the defendant be remanded in a correctional centre.
According to the EFCC, Mr Adekola had earlier been convicted of fraud.
On 23 July 2020, the EFCC said trial judge Joyce Abdulmalik, then sitting in the Ibadan, Oyo State, division of the Federal High Court, sentenced Mr Adekola to 20 years in prison for defrauding a Taiwanese national of $22,300.
He had faced six amended counts of obtaining money by false pretence.
Mr Adekola was successfully prosecuted by the Ibadan Zonal Directorate of the EFCC.
