Lagos Court Sentences Man to 18 Months for N30m Sterling Bank Fraud

Lagos State High Court sitting in Ikeja has convicted and sentenced Adebisi Ridwan Ayodeji to 18 months imprisonment for defrauding Sterling Bank Plc of N30 million.

The judgment was delivered by Justice O.A. Fadipe, who found the defendant guilty of stealing after a full trial.

According to information released by the Economic and Financial Crimes Commission (EFCC), the convict was initially arraigned by its Lagos Zonal Directorate 2, Ikoyi, before Justice Oluwatoyin Taiwo on a one-count charge bordering on theft involving the sum of N30,000,000.

The case was later reassigned to Justice Fadipe, where proceedings began afresh on March 3, 2023.

The charge stated that Ayodeji, on or about September 15, 2021, in Lagos, fraudulently converted N30 million belonging to Sterling Bank Plc for personal use.

He pleaded not guilty at the start of the trial, prompting the prosecution to present its case. During the proceedings, EFCC counsel S.I. Suleiman called three witnesses and tendered several documents, all of which were admitted as evidence by the court.

Delivering judgment on Tuesday, February 24, 2026, Justice Fadipe sentenced Ayodeji to 18 months imprisonment on the sole count of stealing.

In addition to the custodial sentence, the court also ordered the convict to restitute the sum of N23,677,107.05, representing the outstanding balance of the stolen funds, to the petitioner.

The EFCC stated that the conviction underscores its continued efforts to tackle financial crimes and ensure accountability within Nigeria’s financial system.