Following the verdict, Oguntade was taken into custody and transferred to the Nigerian Correctional Centre to serve his sentence.
By Ife Osemedua
365Daily – An Oyo State High Court sitting in Ibadan has sentenced a former staff member of the Joint Admissions and Matriculation Board (JAMB), Olayiwola Oguntade, to five years in prison for a N10 million fraud.
Justice Bayo Taiwo convicted Oguntade on Monday, February 4, 2025, after finding him guilty of a three-count charge of forgery, obtaining money by false pretence, and advance fee fraud.
This was disclosed by the spokesman of the Economic and Financial Crimes Commission (EFCC),Dele Oyewale, in a statement issued on Monday.
The EFCC had arraigned Oguntade in 2020 following an investigation into fraudulent activities involving forged documents used to obtain loans.
“The prosecution has proved its case beyond reasonable doubt, and the court is convinced that the defendant is guilty,” Justice Taiwo ruled. He sentenced Oguntade to five years imprisonment without an option of a fine.
Oguntade, who worked in JAMB’s Finance and Accounts Department, forged a Local Purchase Order (LPO) and a Letter of Domiciliation to obtain a N10 million loan from Polybadan Microfinance Bank in 2010.
He deceived a friend, K. Ola Al-Amin, into presenting the forged documents to the bank in Al-Amin’s name, securing the loan. Investigations revealed that Oguntade had previously issued forged LPOs to several companies and needed the N10 million to settle debts from earlier fraudulent transactions.
During the trial, EFCC prosecutors Oyelakin Oyediran and Lanre Suleiman presented 10 witnesses and several incriminating documents, which the court admitted as evidence.
“This conviction sends a clear message that financial fraud will not go unpunished,” Oyewale stated.
Following the verdict, Oguntade was taken into custody and transferred to the Nigerian Correctional Centre to serve his sentence.