Court Jails Former JAMB Staff for N10m Fraud in Ibadan

Justice Bayo Taiwo of the Oyo State High Court in Ibadan has convicted and sentenced Olayiwola Oguntade, a former staff member of the Joint Admissions and Matriculation Board (JAMB), to prison for a N10 million 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. The charges included forgery, advance fee fraud, and obtaining by false pretenses, all related to the N10 million fraud.

The convict, who worked in JAMB’s Finance and Accounts Department, forged a Local Purchase Order (LPO) and a Letter of Domiciliation to obtain a loan of N10 million from Polybadan Microfinance Bank under the false pretense of executing a contract to provide internet services, allegedly awarded to him by JAMB.

To carry out the fraud, Oguntade enlisted a friend, K. Ola Al-Amin, a customer of the microfinance bank, to help him submit the forged documents to the bank in Al-Amin’s name. Deceived by the fraudulent documents, Al-Amin secured the loan and transferred the money to three different companies’ accounts: Reeden Investment Limited, Danmarg Multiventures Company, and Enrich System Nigeria Limited. These companies were purportedly receiving payments for equipment and installations related to the alleged internet service contract.

However, EFCC’s investigation revealed that Oguntade had earlier issued the forged LPOs to these companies and used the N10 million loan from the bank to pay back other fraudulent loans.

Oguntade has now been sentenced to prison for his role in the elaborate scheme to defraud Polybadan Microfinance Bank and others.