By Ayomide Otitoju
A major fraud case involving the diversion of over N3.09 billion from customer accounts has exposed significant system vulnerabilities at First City Monument Bank (FCMB), as the bank intensifies efforts to recover part of the losses through legal channels.
Justice Rahman Oshodi of the Special Offences Court in Lagos sentenced an ex-convict, Oluokun Gabriel Adekola, to three years’ imprisonment for laundering N12 million linked to the broader fraud scheme. The court also ordered him to restitute N3.5 million to the bank within three months.
Court proceedings revealed that the fraudsters exploited weaknesses in digital banking systems, gaining unauthorised access to customer accounts and transferring large sums undetected before converting the funds to cash through Point of Sale (POS) agents.
The breach, which affected FCMB customers, highlighted risks associated with mobile banking platforms and internal control deficiencies. Investigations showed that Adekola worked with accomplices still at large to conceal N12 million traced to his account in 2025.
Despite the scale of the fraud, the bank initiated recovery measures by tracing transaction flows and flagging beneficiary accounts. In collaboration with the Economic and Financial Crimes Commission (EFCC), investigators tracked part of the stolen funds to Adekola, leading to his arrest, prosecution and conviction.
The restitution order, though a fraction of the total loss, marks a step toward accountability and underscores the growing role of financial forensics in recovering stolen funds dispersed across multiple channels.
During sentencing, EFCC counsel E.S. Okongwu urged the court to impose appropriate sanctions and approve restitution of N3.5 million, while defence counsel Fabian Nwaforji appealed for leniency, citing the defendant’s remorse and more than four years already spent in custody.
