Judge remands ex-convict in prison over alleged N12m illegal POS conversion

The Economic and Financial Crimes Commission (EFCC) has re-arraigned a notorious ex-convict, Oluokun Gabriel Adekola, before a Special Offences Court in Ikeja over his alleged involvement in a massive N12 million theft scheme.

Adekola, who is no stranger to the law, appeared before Justice Rahman Oshodi on Monday, March 16, 2026, where he faced a fresh single-count charge bordering on the conversion of stolen funds.

The N3 Billion Connection The prosecution revealed that Adekola’s latest trouble is tied to a staggering N3.09 billion hack involving unauthorized access to mobile banking applications at FCMB. While others involved in the heist remain at large, the EFCC alleges that Adekola played a key role in “cleaning” the stolen loot.

The charge states that Adekola collaborated with others to disguise the origin of N12 million by moving it through Point of Sale (POS) agents to turn the digital theft into untraceable cash.

A Swift Guilty Plea In a move that surprised onlookers, Adekola pleaded guilty immediately after the charge was read to him.

Following the admission, the EFCC legal team, led by M. K. Bashir and E. S. Okongwu, requested the court to set a date for the review of facts and sentencing. The prosecution also successfully moved for the defendant to be remanded in custody pending the conclusion of the case.

The Ibadan Ghost The court heard that Adekola is a repeat offender. On July 23, 2020, he was sentenced to a total of 20 years imprisonment by Justice Joyce Abdulmalik of the Federal High Court in Ibadan, Oyo State, for defrauding a Taiwanese businesswoman. Despite that heavy sentence, the defendant was back on the streets to participate in the 2025 bank hack.

The Verdict Awaits Justice Oshodi has adjourned the matter until March 17, 2026, for a formal review of the facts and sentencing. The defendant has been remanded in a correctional facility until his next appearance.