Sterling Bank Fraud: Court Hands Ojora Sulaiman Kehinde 7-Year Jail Term, Orders N81.3m Restitution

The Lagos State Special Offences Court sitting in Ikeja has sentenced Ojora Sulaiman Kehinde to seven years’ imprisonment for fraudulently converting N81.3 million belonging to Sterling Bank Plc.

Delivering judgment on Friday, Justice Mojisola Dada described the case as a brazen abuse of trust and directed the prosecution to pursue all legal avenues to ensure restitution of the stolen funds.

In a stern rebuke, the judge castigated the defence counsel, branding him a “pathological liar” and questioning his professional ethics.

The case, FRN v. Ojora Sulaiman Kehinde (Charge No: ID/20131C/2022), was prosecuted by the Economic and Financial Crimes Commission (EFCC) through counsel H.U. Kofarnaisa.

According to EFCC’s evidence, Kehinde, a Sterling Bank customer, exploited a temporary technical glitch in the bank’s transfer system which enabled customers to move funds far beyond their actual balances. On May 17, 2022, with just N3,000 in his account, Kehinde transferred N500,000 in three tranches to his wife Amina Ojora’s account. Over time, he moved funds totaling N178.2 million, with N122 million routed directly to his wife.

Although Sterling Bank recovered N68 million, an outstanding N89 million remained unaccounted for. At trial, the EFCC called two witnesses, including a Sterling Bank representative, who tendered the bank’s petition and transaction records. The prosecution argued successfully that Kehinde had committed dishonest conversion.

The defendant called no witnesses in his defence. Justice Dada found him guilty under Section 280(2), punishable under Section 287 of the Lagos State Criminal Law (2015) and sentenced him to seven years’ imprisonment, with restitution of the outstanding N81.3 million ordered.

The judgment, beyond convicting the defendant, drew attention for its strong censure of the defence counsel, signalling the court’s disapproval of unethical legal conduct.