Banker bags 98 years jail term for stealing N49.3m, $368,000 Skip to main content

Banker bags 98 years jail term for stealing N49.3m, $368,000


Oreoluwa Adesakin, a former staff of First Bank, has been handed 98 years jail term by Justice Muniru Olagunju of the Oyo State High Court.

Adesakin was found to have committed fraud against her employers to the tune of N49,320,652, and additional $368,203.

The convict was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission (EFCC) on 14-count charges, bordering on stealing, forgery and fraudulent accounting.

One of the charges read: “That you Oreoluwa Adesakin, sometime between the months of May 2013 and November 2013, at Ibadan within the Ibadan Judicial Division, whilst being a staff of First Bank Plc stole the sum of N25,974,116 from First Bank Plc MoneyGram Payment Naira Account.”

Adesakin pleaded not guilty to all the charges.

Prosecution counsel, Usman Murtala, presented vital documents and witnesses which nailed the convict.

Justice Olagunju pronounced Adesakin guilty of all the charges.

The judge sentenced her to seven years in prison without an option of fine on each of the 14 counts, which will run concurrently.

Apart from the jail term, the convict is also to restitute the First Bank, through the EFCC, all the money she stole.

The convict was arraigned April 4, 2014, by the EFCC following investigation on First Bank petition dated December 18, 2013.

The bank said Adesakin, a Money Transfer Operator, saddled with the responsibility of effecting payments through Western Union Money Transfer and Money Gram platforms, manipulated accounting and withdrew a total of N49,320,652 and another $368,203 for herself.

EFCC spokesman, Wilson Uwujaren, said operatives established that the convict used part of the proceeds to acquire landed properties in different parts of Oyo State.

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