Justice Taiwo of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) convicted and sentenced former Joint Admission and Matriculation Board (JAMB) staff, Olayiwola Oguntade, to five years imprisonment without an option of fine for perpetrating a N10 million fraud.
Oguntade, who served in the Finance and Accounts Department of JAMB, was arraigned on October 13, 2020, on three counts of forgery, advance fee fraud, and obtaining by false pretense.
The charges stemmed from his fraudulent activities in 2010, wherein he deceitfully obtained the sum of N10 million from Polybadan Bank Ltd under the guise of executing a contract for internet services purportedly awarded to him by JAMB.
During the trial that spanned over four years, the prosecution, represented by counsel Oyelakin Oyediran and Lanre Suleiman, presented compelling evidence, including testimonies from 10 witnesses and various incriminating documents.
The court was persuaded beyond reasonable doubt of Oguntade’s guilt, leading to his conviction.
The convict’s modus operandi involved forging a Local Purchase Order (LPO) and Letter of Domiciliation purportedly issued by JAMB, which he used to secure the fraudulent loan from Polybadan Microfinance Bank through an accomplice, Kola Al-Amin.
Al-Amin, deceived by Oguntade, facilitated the loan and transferred the funds to accounts belonging to three companies—Reeden Investment Limited, Danmarg Multiventures Company, and Enrich System Nigeria Limited—under the false pretense of payments for equipment and installations for the internet services contract.
Further investigations uncovered that Oguntade had previously issued forged LPOs to these companies to perpetrate similar fraudulent schemes, ultimately defrauding Polybadan Microfinance Bank.
In delivering the verdict, Justice Taiwo emphasized the gravity of financial crimes and the need to deter others from engaging in such fraudulent activities.
He ruled that the prosecution had successfully established its case against Oguntade, thereby sentencing him to five years imprisonment with no option of fine.
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