EFCC Arraigns Repeat Offender for Alleged N12 Million Money Laundering in LagosOn March 16, 2026, the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), based in Ikoyi, brought an ex-convict, Oluokun Gabriel Adekola, before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos.
The defendant faced a single amended count of stealing amounting to N12 million. The charge accused Adekola and several unidentified accomplices of conspiring in 2025 to conceal and launder the illicit origin of the funds.
Court documents allege that the N12 million, which formed part of a much larger N3.09 billion fraudulently stolen from First City Monument Bank (FCMB) customer accounts through unauthorized access to mobile banking applications, was deposited into Adekola’s account.
He and his co-conspirators reportedly disguised the proceeds by quickly converting the money into cash using various Point of Sale (POS) operators. When the charge was read to him in open court, Adekola pleaded guilty.
Prosecuting counsel, M. K. Bashir and E. S. Okongwu, requested an adjournment to enable the presentation of case facts and address sentencing. They also successfully applied for the defendant’s remand in a correctional facility pending the next hearing.
Justice Oshodi accordingly remanded Adekola and fixed March 17, 2026, for review of facts and sentencing. Records show that this is not Adekola’s first encounter with the EFCC; in July 2020, he was convicted by the Federal High Court in Ibadan and sentenced to 20 years’ imprisonment for obtaining $22,300 from a Taiwanese national by false pretence.
