The conviction of Mr. Oni followed his arraignment alongside six other officials of the Central Bank of Nigeria, CBN, as well as 15 others from different commercial banks by the Economic and Financial Crimes Commission, EFCC.
Those arraigned were accused of conspiracy and money laundering.
The bankers allegedly conspired to steal and conceal mutilated and defaced naira notes amounting to N8 billion, from the Central Bank of Nigeria.
The Former banker, who was the fourth defendant in the case, entered into a plea bargain agreement with the EFCC.
At the hearing on Thursday, the prosecuting counsel, Adeniyi Adebisi, presented the perfected agreement and an amended charge to the court against him.
Mr. Ademola pleaded guilty to five of the 24 amended count charges brought against him.
In his ruling, Justice Joyce Abudmalik convicted Mr. Oni, and sentenced him to 12 years imprisonment for conspiracy and money laundering.
The court also ruled that he forfeits all his properties and cash in various banks as proceeds of the crime.
Mr. Abudmalik convicted the accused and sentenced him to two and half years on each of the five counts accordingly.