IKEJA – The Economic and Financial Crimes Commission (EFCC) on Monday arraigned former convict, Adekola Oluokun for allegedly laundering N12 million.
Oluokun was arraigned on a one-count amended charge of money laundering, contrary to Section 330 of the Criminal Laws of Lagos State, 2011, to which he pleaded guilty. Following his plea, EFCC counsel, Muhammed Bashir requested a date to review the facts of the case and sentencing, while also praying that the defendant be remanded in a correctional centre.
The commission alleged that Oluokun, with others still at large, sometime in 2025 in Lagos, concealed and converted N12 million paid into his account through Point of Sale (POS) agents.
The sum reportedly formed part of N3.9 billion stolen from accounts at a new-generation bank through unauthorised access and fraudulent activities on its mobile banking platform.
Justice Rahman Oshodi adjourned the case until March 17 for review of facts and sentencing and ordered that Oluokun be remanded in a correctional centre.
Oluokun was previously convicted on July 23, 2020, by Justice Joyce Abdulmalik of the Federal High Court, Ibadan, Oyo State.
He was sentenced to 20 years’ imprisonment for defrauding a Taiwanese national of $22,300 following prosecution by the EFCC Ibadan Zonal Directorate.
The Ibadan office had prosecuted him on a six-count amended charge, which included obtaining money by false pretence.
Meanwhile, in the trial of a former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, a prosecution witness, David Jaiyeoba, admitted that he did not personally interrogate Emefiele during EFCC investigations.
Emefiele faces charges of criminal breach of trust, forgery, abuse of office, conspiracy to obtain by false pretence, and obtaining money by false pretence while serving as CBN governor.
The EFCC alleged that he obtained by false pretence the sum of $6,230,000, purportedly meant for international election observers for the 2023 general election, and conferred corrupt advantages on two companies—April 1616 Nigeria Ltd and Architekon Nigeria Ltd.
The former CBN governor pleaded not guilty.
Jaiyeoba, the 12th prosecution witness (PW12), told the court that EFCC findings were based on documents and statements of suspects arrested during investigations.
He confirmed that Emefiele was neither a signatory, director, nor shareholder of Architekon Nigeria Limited.
He further stated that he never visited the CBN Governor’s residence, the alleged “Architekon” renovation site, or other project locations, and that EFCC’s findings on the renovation were based on statements provided by the company’s director.
The witness also noted awareness of the committee in the CBN that vets and handles the binding process of contracts but could not recall the committee’s name. He confirmed that his team conducted interviews with officers involved, while the Abuja team interacted with officials due to proximity. When asked if Emefiele was a member of the Major Contract Tender Committee, Jaiyeoba replied, “I cannot remember.”
During cross-examination by Matthew Burkaa SAN, counsel to Emefiele, Jaiyeoba maintained that he understood the CBN procurement process, but admitted he was not a staff member and could not definitively say who ensures a company is qualified for a contract.
Burkaa questioned the witness on properties previously mentioned in the case. Jaiyeoba acknowledged that while the defendant contested a forfeiture order, he never claimed $2 million listed for forfeiture as his property.
He confirmed that the Court of Appeal in Lagos, in June 2025, overturned the forfeiture order and directed a fresh hearing.
He also admitted he was unaware of the judgment until recently but acknowledged EFCC is bound by the Court of Appeal decision.
The witness further confirmed that he tendered the code of conduct forms of the defendant but was unaware of the Court of Appeal’s judgment at the time.
He stated that the investigations followed a report sent to EFCC by the Inter-Agency Task Force headed by the State Security Service (SSS).
On Burkaa’s request that the report be brought to court, EFCC lawyer A.O. Mohammed did not object.
Jaiyeoba also acknowledged that Emefiele’s statements were taken 73 days after EFCC filed the charges on August 14, 2023, with the statements covering October 26 to November 2, 2023. When asked whether the defendant was confronted with certain statements, the witness stated that they were not.
Justice Hamza Muazu adjourned the trial until Tuesday for continuation.
