Court sentences man to 63 years in prison for investment fraud

The Oyo high court in Ibadan has sentenced Olaniyan Gbenga Amos to 63 years imprisonment over a string of investment fraud.

Olusola Adetujoye, the judge, on Monday convicted Amos alongside his company, Detorrid Heritage Investment Limited.

THE CASE

Amos was arraigned by the Ibadan zonal directorate of the Economic and Financial Crimes Commission (EFCC) on a 30-count charge bordering on fraudulent dealings.

The charges bordered on false pretences, an offence contrary to section 1(1)(a) and punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.

“That you Olaniyan Gbenga Amos and Detorrid Heritage Investment Limited on or about 18th of June, 2020, at Ibadan, within the jurisdiction of this Honourable Court, with intent to defraud obtained the sum of N995, 000.00 (Nine Hundred and Ninety-five Thousand Naira) only from Bada Titilope, when you falsely represented to him that the money is meant for registration and investment with Crime Alert Security Network with a promise of 30% return on Investment in 6 weeks (30 working days), which representations you knew to be false and thereby committed an offence of Obtaining Money under false pretence contrary to Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006,” part of the charge sheet reads.

“That you Olaniyan Gbenga Amos and Detorrid Heritage Investment Limited on or about 29th of January, 2020, at Ibadan, within the jurisdiction of this Honourable Court, with intent to defraud obtained the sum of N920, 000.00 (Nine Hundred and Twenty Thousand Naira) only from Onifade Isaac Olawale, when you falsely represented to him that the money is meant for registration and investment with Crime Alert Security Network with a promise of 30% return on Investment in 6 weeks (30 working days), which representations you knew to be false and thereby committed an offence of Obtaining Money under false pretence contrary to Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.”

The defendant pleaded not guilty to all the charges.

THE VERDICT

After the plea was taken, Sanusi Galadanchi, counsel to EFCC, opened the prosecution’s case on February 17, 2022.

Galadanchi called eight witnesses, tendered several exhibits, and closed the case on January 24, 2023.

Afterwards, the defendant filed a no case submission, which was rejected by the court.

The court also ordered the defendant to enter his defence against the prosecution’s case.

Subsequently, Amos opened his case and testified as the lone witness for himself and on behalf of the second defendant, his company.

The defendant closed his case on October 17, 2024.

During the court proceedings on Monday, Adetujoye convicted and sentenced the defendant to seven years imprisonment on each count of 6, 16, 17, 18, 19, 21, 22, 23 and 24.

The judge discharged and acquitted him on counts 1, 2, 3, 4, 5, 7, 8, 9, 10, 11, 12, 13, 14, 15, 20, 25, 26, 27, 28, 29 and 30 respectively.

The court ordered that the sentence should run concurrently.

The judge also ordered the defendant to make restitution to the victims.

In December 2023, Amos was convicted and sentenced to 75 years imprisonment by Bayo Taiwo, a judge of the Oyo state high court, for a similar offence.

The defendant also has two other ongoing trials before federal high courts in Ibadan.