“‘Court Jails Ex-JAMB Staff Over N10M Fraud'” — Officer Used Fake LPO To Secure Microfinance Loan

Oguntade, a former staff member of the Joint Admissions and Matriculation Board (JAMB), 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 by false pretenses to the tune of ₦10,000,000 (Ten Million Naira).

Count one of the charge reads:

“That you, Olayiwola Oguntade, sometime in 2010 at Ibadan, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the sum of ₦10,000,000.00 (Ten Million Naira) only, by false pretenses through Kola Al-Amin from Polybadan Microfinance Bank Ltd and thereby committed an offence of obtaining money by false pretenses, contrary to Section 1 (i)(b) and 1 (3) of the Advance Fee Fraud and Other Related Offences Act, 2006.”

Count two reads:

“That you, Olayiwola Oguntade, sometime in 2010, within the jurisdiction of this Honourable Court, forged an LPO titled: Re: Supply of Internet Services, purported to have been issued by the Joint Admissions and Matriculation Board (JAMB) dated 15th October 2010, with Ref No. JAMB/FIN/282/Vol.4/445, and thereby committed an offence of forgery, contrary to Section 467 of the Criminal Code Law Cap 38, Laws of Oyo State, 2000.”

He pleaded “not guilty” to the charges, prompting a trial that lasted over four years. During the proceedings, prosecution counsel Oyelakin Oyediran and Lanre Suleiman called 10 witnesses, tendered several incriminating documents that were admitted as evidence, and urged the court to convict and sentence him accordingly.

In his judgment on January 28, 2025, Justice Taiwo held that “the prosecution has proved its case beyond reasonable doubt, and the court is convinced that the defendant is guilty of the offences filed against him by the EFCC.” He convicted and sentenced Oguntade to five years’ imprisonment without an option of a fine.

The convict, who was a staff member of the Finance and Accounts Department of JAMB, began his journey to the Nigerian Correctional Center after forging a Local Purchase Order (LPO) and a Letter of Domiciliation, which he used to fraudulently obtain a loan of ₦10 million from Polybadan Microfinance Bank under the false pretense of executing a contract purportedly awarded to him by JAMB for the provision of internet services.

To execute the fraud, he gave the forged documents to a friend, K. Ola Al-Amin, a customer of the microfinance bank, who helped him present them to the bank in his own name. Deceived by the convict, Al-Amin secured the loan with the forged documents and later helped transfer the funds to three different companies’ bank accounts, namely:

These accounts were provided by the convict under the false pretext that the payments were for equipment and installations for the purported internet services contract.

However, investigations later revealed that Oguntade had earlier issued forged LPOs to these companies and had to defraud Polybadan Microfinance Bank of ₦10 million to repay loans he had previously obtained from them through fraudulent means.