The Economic and Financial Crimes Commission (EFCC) has formally concluded its case against Oluwole Olutimehin, who stands accused of misappropriating a sum of ₦13.29 million belonging to Sterling Bank Plc. The development was disclosed on Wednesday during a hearing at the Lagos State Special Offences Court in Ikeja, presided over by Justice Rahman Oshodi.
This case, which has been ongoing, centers around allegations that Olutimehin fraudulently converted funds entrusted to him by the bank for personal use. The prosecution's single charge claims that he committed this act on or around September 15, 2021, within the Lagos jurisdiction.
Initially, the trial commenced on September 20, 2022, under the oversight of Justice Oluwatoyin Taiwo. However, following Justice Taiwo’s retirement, the matter was reassigned to Justice Oshodi, who has since taken charge of the proceedings.
The EFCC, in its case, alleges that the defendant’s actions violated Section 280 of the Criminal Law of Lagos State, 2015, which pertains to fraudulent conversion, and is punishable under Section 287 of the same law.
During the resumed hearing, the EFCC presented its second prosecution witness, Olaniyi Olaleye, an internal auditor at Sterling Bank. Led by EFCC counsel S.I. Suleiman, Olaleye provided a detailed recount of the events that led to the legal proceedings. He explained that in September 2021, Sterling Bank identified a series of unauthorized withdrawals and discrepancies within its internet banking platform, known as the OneBank app. This app is used by customers for account opening and online transactions.
“In September 2021, we detected abnormalities in the OneBank app, which allowed unauthorized withdrawals amounting to ₦13.29 million. These withdrawals were made across multiple banks, including GTBank, Wema Bank, and Access Bank,” Olaleye testified during the hearing.
Following the discovery, Sterling Bank filed a formal petition with the EFCC to investigate the breach. This petition, co-signed by Olaleye, detailed the nature of the fraudulent transactions and identified the account involved. During his testimony, Olaleye confirmed that he had submitted the petition alongside account statements linked to the fraudulent activities. These documents, presented as Exhibits A and B, were accepted as evidence by the court.
Providing further insight, Olaleye explained how the OneBank app operates. He highlighted that the app allows wallet account holders to carry out transactions, capped at a daily limit of ₦500,000. However, due to a security breach, unauthorized transactions exceeding this limit were made, leading to the substantial losses incurred by the bank.
As the EFCC officially closed its case, the matter now awaits further proceedings, with the defendant’s legal team expected to open their defense in response to the allegations.
