Sterling Bank Fraud: Lagos Court Jails Man 18 Months

​A Lagos State High Court sitting in Ikeja has sentenced Adebisi Ridwan Ayodeji to 18 months in prison for the fraudulent conversion of ₦30 million belonging to Sterling Bank Plc.

​The verdict, delivered on Tuesday, February 24, 2026, by Justice O.A. Fadipe, marks the conclusion of a legal battle that began following Ayodeji’s initial arraignment by the Economic and Financial Crimes Commission (EFCC).

​The Trial and Conviction

​Ayodeji was first brought before Justice Oluwatoyin Taiwo by the Lagos Zonal Directorate of the EFCC on a one-count charge of stealing. However, the case was later transferred to Justice Fadipe, where the trial commenced de novo (fresh) on March 3, 2023.

​The prosecution, led by counsel S.I. Suleiman, built a rigorous case against the defendant. Over the course of the trial, the EFCC presented three witnesses and a mountain of documentary evidence to prove that on September 15, 2021, Ayodeji dishonestly converted the bank’s funds for his personal use.

ADVERTISEMENT

​Despite Ayodeji’s initial plea of “not guilty,” Justice Fadipe found the prosecution’s evidence compelling enough to secure a conviction.

​Restitution and Sentencing

​Beyond the 18-month custodial sentence, the court emphasized the need for financial recovery. Justice Fadipe ordered the convict to pay ₦23,677,107.05 as restitution to Sterling Bank. This amount represents the outstanding balance of the stolen ₦30 million that had not yet been recovered.

​”The judiciary remains committed to ensuring that financial crimes do not go unpunished and that victims of such fraudulent activities receive justice through both sentencing and restitution,” the court noted during the proceedings.

​This sentencing serves as a stern warning to individuals engaging in white-collar crimes within the Nigerian banking sector. Ayodeji has been remanded to a correctional center to serve his term.