A major fraud case involving over N3.09 billion siphoned from customer accounts at First City Monument Bank (FCMB) has exposed serious lapses in digital banking controls and internal systems.
Justice Rahman Oshodi of the Lagos Special Offences Court sentenced Oluokun Gabriel Adekola to three years’ imprisonment for laundering N12 million linked to the wider fraud. The court also ordered him to restitute N3.5 million to the bank within three months.
Investigations revealed that fraudsters exploited vulnerabilities in mobile banking platforms, gaining unauthorized access to customer accounts and funnelling funds through POS agents. Working with the EFCC, FCMB traced part of the stolen funds to Adekola, leading to his arrest, prosecution, and conviction.
While the restitution represents only a fraction of the losses, the case underscores the growing importance of financial forensics in recovering stolen funds and highlights the urgent need for stronger digital banking safeguards to protect customer accounts.
