The Economic and Financial Crimes Commission (EFCC) has presented its second prosecution witness, Olaniyi Olaleye, an internal auditor with Sterling Bank Plc, in the ongoing trial of Oluwole Olutimehin.
Olutimehin is facing a one-count charge of fraudulently converting N13.29 million belonging to Sterling Bank. The case is being heard by Justice Ramon Oshodi at the Special Offences Court in Ikeja, Lagos.
Olutimehin was first arraigned before Justice Oluwatoyin Taiwo on September 20, 2022. However, the case was reassigned to Justice Oshodi following Justice Taiwo’s retirement before the trial commenced.
The charge against Olutimehin states that on September 15, 2021, he fraudulently converted N13.29 million, property of Sterling Bank, to his personal use.
At the resumed hearing, Olaleye testified about irregularities discovered in Sterling Bank’s Onebank app, a digital banking platform, which led to significant financial losses. According to Olaleye, the app experienced a breach that allowed multiple unauthorized transactions.
“In September 2021, abnormalities were shown in the Onebank app. The defendant, Oluwole Olutimehin, and others exploited this breach to conduct transactions totaling over N13 million across several banks, including GTB, Wema, and Access,” Olaleye said.
Led by EFCC counsel S.I. Suleiman, the witness identified key evidence, including the petition sent to the EFCC and account details linked to the fraudulent activities. Olaleye also confirmed that the maximum transaction limit for Onebank app users at the time was N500, 000, making the unauthorized transactions a clear violation.
During cross-examination, Olaleye acknowledged that N7.3 million of the stolen funds had been recovered by September 21, 2021, leaving a balance of N6.3 million. He further stated that over 300 accounts were implicated in the breach but clarified that no bank staff was involved in the fraud.
Following the witness’s testimony, the prosecution closed its case. Justice Oshodi adjourned the trial to February 14, 2025, for the defense to present its case.
