A Lagos Special Offences Court in Ikeja has sentenced Abubakar Sani to one year in prison for fraudulently profiting from a system glitch that led to a loss of over N1.1 billion at Lotus Bank.
Justice Olubusola Okunuga delivered the verdict on Wednesday, April 30, after Sani pleaded guilty to an amended one-count charge of possessing funds suspected to be proceeds of fraud. The charge was filed by the Economic and Financial Crimes Commission (EFCC).
While passing sentence, Justice Okunuga noted that Sani was a first-time offender who saved the court’s time by admitting to the offence. She sentenced him to one year in prison, with an option of a N1 million fine.
The court also ordered the forfeiture of funds found in Sani’s Access and Keystone Bank accounts to the Federal Government.
According to EFCC counsel Fanen Anum, the case began in July 2024 when Lotus Bank reported a major fraud incident linked to a glitch in its E-bill payment system. The bank revealed that 718 customers exploited the malfunction to withdraw large sums, resulting in a total loss of N1.1 billion.
Sani was found to have received N16.7 million through multiple illicit transfers. Investigators traced N4.18 million to an Access Bank account belonging to his brother, Usman Sani, while N1.09 million was discovered in Abubakar’s Keystone Bank account, which was subsequently frozen.
Documents including Sani’s statements and bank records were admitted into evidence without objection from the defence. The EFCC confirmed that the offence contravened Section 329 of the Lagos State Criminal Law, 2015.
