A former staff member of the Joint Admissions and Matriculation Board (JAMB) in Ibadan, Oyo State, Olayiwola Oguntade, has been convicted and sentenced to five years in prison for fraud.
Oguntade was arraigned by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on October 13, 2020, on a three-count amended charge bordering on forgery, advance fee fraud, and obtaining money by false pretence to the tune of N10 million.
Details of the Charges
The prosecution presented evidence that:
- In 2010, Oguntade fraudulently obtained N10 million from Polybadan Microfinance Bank Ltd through false pretence.
- He forged a Local Purchase Order (LPO) titled “Re: Supply of Internet Services”, purportedly issued by JAMB on October 15, 2010, with reference number JAMB/FIN/282/Vol.4/445.
Despite pleading not guilty, his trial lasted over four years. The prosecution, led by Oyelakin Oyediran and Lanre Suleiman, presented 10 witnesses and several incriminating documents that were admitted as evidence.
Court Judgment and Conviction
On January 28, 2025, Justice Taiwo ruled that the prosecution had proven its case beyond reasonable doubt and convicted Oguntade on all charges. He was sentenced to five years imprisonment without an option of fine.
How the Fraud was Executed
Oguntade, who was a staff member in JAMB’s Finance and Accounts Department, had:
- Forged LPOs and a Letter of Domiciliation to obtain a loan from Polybadan Microfinance Bank.
- Used a friend, K. Ola Al-Amin, a customer of the bank, to secure the loan on his behalf.
- Transferred the funds to three companies—Reeden Investment Limited, Danmarg Multiventures Company, and Enrich System Nigeria Limited—under the pretext of making payments for internet service equipment and installations.
However, investigations later revealed that Oguntade had earlier issued forged LPOs to these companies and obtained loans fraudulently, using the N10 million loan from Polybadan Microfinance Bank to cover previous fraudulent debts.
With his conviction, Oguntade has now been remanded at the Nigerian Correctional Center to serve his sentence.