Oni was arraigned by the EFCC alongside six former officials of the CBN and fifteen others from different Commercial banks in an alleged case of conspiracy and money laundering. The bankers allegedly conspired to steal and conceal mutilated and defaced local currency amounting to eight billion naira (N8bn) from the Central Bank of Nigeria.
Ademola, who was the 4th defendant in the matter, opted for a plea bargain agreement with the prosecuting counsel and pleaded guilty to 5 of the 24 amended count charges brought against him. Justice Abudmalik convicted him and sentenced him to two and half years on each of the five counts accordingly. The sentences are to run concurrently