Court Convicts Former JAMB Official in Fraud Case
A former official of the Joint Admissions and Matriculation Board (JAMB), Olayiwola Oguntade, has been sentenced to five years in prison for forgery and loan fraud. The judgment was delivered by Justice Bayo Taiwo of the Oyo State High Court in Ibadan on January 28, 2025.
Oguntade, who worked in JAMB’s Finance and Accounts Department, was found guilty of forging a Local Purchase Order (LPO) and a Letter of Domiciliation to secure a ₦10 million loan from Polybadan Microfinance Bank. He falsely claimed the loan was for executing a contract awarded by JAMB for internet services.
To facilitate the fraud, Oguntade enlisted the help of a friend, K. Ola Al-Amin, a customer of the microfinance bank. Al-Amin presented the forged documents to the bank and secured the loan in his name. The funds were then transferred to three companies—Reeden Investment Limited, Danmarg Multiventures Company, and Enrich System Nigeria Limited—under the pretense of payments for equipment and installations related to the fictitious contract.
Investigations revealed that Oguntade had previously issued forged LPOs to these companies and defrauded Polybadan Microfinance Bank to repay loans he had fraudulently obtained from them. The court concluded that the prosecution proved its case beyond reasonable doubt, leading to Oguntade’s conviction and sentencing without an option of fine.