FCMB fraud case exposes system gaps as ex-convict sentenced for laundering N12m

A massive fraud involving over N3.09 billion siphoned from customer accounts at First City Monument Bank (FCMB) has brought to light serious vulnerabilities in the bank’s digital systems, even as the financial institution works through the courts to recover part of the lost funds.

On Tuesday, Justice Rahman Oshodi of the Special Offences Court in Lagos sentenced Oluokun Gabriel Adekola, an ex-convict, to three years’ imprisonment for laundering N12 million, which investigators traced to the wider fraud scheme. The court also ordered Adekola to remit N3.5 million to FCMB within three months.

The case revealed how cybercriminals exploited weaknesses in FCMB’s digital banking channels, gaining unauthorized access to customer accounts and transferring substantial sums before converting the money to cash via Point of Sale (POS) agents.

The breach, affecting accounts domiciled with FCMB, underscored the inherent risks of mobile banking platforms and highlighted gaps in the bank’s internal controls.

Investigations showed that Adekola worked with accomplices, still at large, to conceal and disguise the N12 million traced to his account in 2025.

Despite the scale of the loss, FCMB moved swiftly to trace transaction flows and flag beneficiary accounts, collaborating closely with the Economic and Financial Crimes Commission (EFCC). These efforts led to the identification, arrest, prosecution, and eventual conviction of Adekola.

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Although the restitution order covers only a small portion of the total stolen sum, it represents a significant step toward accountability and illustrates the growing role of financial forensics in recovering dispersed funds.

During sentencing, EFCC counsel E.S. Okongwu urged the court to impose a firm punishment and enforce restitution. Defence counsel Fabian Nwaforji appeal for leniency, citing Adekola’s remorse and the over four years he had already spent in custody.

The case serves as a stark reminder of the evolving threats facing banks and customers in Nigeria’s digital financial ecosystem, emphasizing the need for stronger cybersecurity and stricter internal monitoring.