Alleged N13m Fraud: EFCC Presents Second Witness, Closes Case Against Banker

The Economic and Financial Crimes Commission, EFCC, has presented its second prosecution witness, Olaniyi Olaleye, an internal Auditor with Sterling Bank Plc, against Oluwole Olutimehin, who is being prosecuted on a one-count charge bordering on stealing to the tune of N13,290,000.00 (Thirteen Million, Two Hundred and Ninety Thousand Naira), before Justice Ramon Oshodi of the Special Offences Court sitting in Ikeja Lagos.

The defendant was previously arraigned before Justice Oluwatoyin Taiwo of the Special Offences Court sitting in Ikeja, Lagos on September 20, 2022.

However, the trial could not commence before the retirement of Justice Taiwo, thereby prompting the re-assignment of the case to Justice Oshodi.

The count reads: “That you, Oluwole Olutimehin, on or about the 15th day of September, 2021, in Lagos, within the jurisdiction of this Honourable Court, fraudulently converted to your own use the sum of N13,290,000.00 (Thirteen Million, Two Hundred and Ninety Thousand Naira), property of Sterling Bank Plc.”

At the resumed sitting of the case, Olaleye narrated how the bank had sent a petition to the EFCC to investigate some abnormalities that were discovered when its Onebank app had an issue that led to the loss of millions of Naira.

According to him, “The Sterling Bank has an internet operation called Onebank app, which allows users to open an account or withdraw online.

“In September 2021, abnormalities were shown in that app and the user of the app., Oluwole Olutimehin and others, were able to do transactions with the withdrawal amount to the tune of over N13m, with several banks, GTB, Wema, and Access.”

Led in evidence by the prosecution counsel, S.I. Suleiman further testified that “a petition was written to that effect to the EFCC to investigate these abnormalities in all the accounts, and I co-signed the petition.

“ All the statements of accounts were sent to the EFCC.”

Exhibits A and B were shown to the witness, which he identified as the petitions along with the copy of the account details of the defendant: 0085006574.

When asked how the bank app was operated, the witness explained that “the Wallet account of Onebank app allows customers to operate transactions, and as at the time of this transaction, the maximum transaction for customers was N500,000.00.”

During cross-examination by the defence counsel, O. O. Odusanya, a witness, said there was a breach in the app that led to the abnormalities.

He also confirmed that as at September 21, 2021, the sum of N7.3m had been recovered from the suspect, leaving a balance of N6.3m.

Giving further evidence, the witness told the court that investigations revealed that there was no bank staff involved and that “over 300 accounts, including that of the defendant, were involved.

Thereafter, Suleiman informed the court that the prosecution was closing its case.

Justice Oshodi adjourned the matter till February 14, 2025 for the defence to open its case.