Admin I Monday, March 16. 26
IKEJA, Lagos – The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Ikoyi, today March 16, 2026, arraigned an ex-convict, Oluokun Gabriel Adekola, for an alleged N12 million money laundering before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos.
Adekola was arraigned on a one-count amended charge of money laundering to the tune of N12,000,000 (Twelve Million Naira)., contrary to Section 330 of the Criminal Laws of Lagos State, 2011.
According to the charge, Adekola and others still at large, sometime in 2025 in Lagos, allegedly collaborated to conceal and disguise the true origin of the N12,000,000 paid into his account by transferring and converting the funds to cash through POS agents.
The sum is alleged to form part of N3,091,441,849 reportedly stolen from accounts domiciled with one of New generated Bank through unauthorised access and fraudulent activities carried out on the bank’s mobile banking applications.
He pleaded “guilty” to the charge when it was read to him.
Following his plea, the prosecution counsel, M. K. Bashir and E. S. Okongwu, asked the court for a date to review the facts of the case and sentencing.
The prosecution also prayed that the defendant be remanded in a correctional centre.
Justice Oshodi adjourned the matter till March 17, 2026 for the review of facts and sentencing, and also ordered that the defendant be remanded in a correctional centre.
Adekola had earlier been convicted on July 23, 2020 by Justice Joyce Abdulmalik of the Federal High Court, Ibadan, Oyo State, and sentenced to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300, following his prosecution by the Ibadan Zonal Directorate of the EFCC on a six-count amended charge of obtaining money by false pretence.
Emmanuel Ukudolo
Editor
starconnectmedia.com
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