The Economic and Financial Crimes Commission (EFCC) on Monday arraigned an ex-convict, Oluokun Gabriel Adekola, before Rahman Oshodi over an alleged theft involving N12 million.

The anti-graft agency disclosed the development in a statement shared on its official X account on Monday.

According to the statement, Adekola was arraigned by the EFCC Lagos Zonal Directorate 1 before the Special Offences Court Ikeja.

The commission alleged that the defendant, alongside other suspects still at large, conspired in 2025 to conceal and disguise the origin of N12 million that was paid into his bank account.

Investigators said Adekola allegedly moved and converted the funds into cash through Point of Sale (POS) agents.

The EFCC further stated that the N12 million forms part of N3,091,441,849 reportedly siphoned from customer accounts in a commercial bank through unauthorized access and fraudulent transactions carried out using the bank’s mobile banking applications.

When the charge was read to him in court, Adekola pleaded guilty.