A serious fraud case involving over N3.09 billion siphoned from buyer accounts has uncovered crucial system lapses at First City Monument Bank (FCMB), even because the {bank} strikes to get better a part of the losses by way of the courts.

Justice Rahman Oshodi of the Special Offences Court in Lagos sentenced an ex-convict, Oluokun Gabriel Adekola, to a few years’ imprisonment for his position in laundering N12 million, which was traced to the broader fraud.

The courtroom additionally ordered him to restitute N3.5 million to the {bank} inside three months.

The case revealed how fraudsters exploited vulnerabilities in digital banking channels, gaining unauthorized entry to buyer accounts and transferring enormous sums undetected earlier than changing the funds to money by way of Point of Sale (POS) brokers.

The breach, which affected accounts domiciled with FCMB, underscored the dangers tied to cellular banking platforms and inside management gaps.

Investigations revealed that he collaborated with accomplices nonetheless at giant to hide and disguise N12 million traced to his {bank account} in 2025.

Despite the dimensions of the loss, FCMB initiated restoration efforts by tracing transaction flows and flagging beneficiary accounts.

Working with the Economic and Financial Crimes Commission (EFCC), investigators tracked a part of the stolen funds to Adekola, resulting in his arrest, prosecution, and eventual conviction.

The restitution order, although a fraction of the whole sum misplaced, represents a tangible restoration and a step towards accountability.

It additionally highlights the rising position of economic forensics in clawing again stolen funds, even after they’ve been dispersed throughout a number of channels.

During sentencing, EFCC counsel E.S. Okongwu urged the courtroom to impose applicable punishment and grant restitution of N3.5 million to the sufferer. Defence counsel Fabian Nwaforji, nevertheless, appealed for leniency, citing the defendant’s regret and the over 4 years he had already spent in custody.

Source: HighCourtNewsNg