Court Sentences Investment Fraudster To 65-yr Imprisonment In Oyo

The Oyo State High Court in Ibadan, presided over by Justice Olusola Adetujoye on Monday, April 28, 2025 sentenced one Olaniyan Gbenga Amos to 63 years imprisonment for multiple investment fraud.

Olaniyan was convicted alongside his firm, Detorrid Heritage Investment Limited following their prosecution on a 30-count charge by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency had dragged them to court on offences bordering on obtaining by 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.

The EFCC said Olaniyan and his company had on or about June 18, 2020, in Ibadan, obtained the sum of N995, 000.00 from one Bada Titilope

with intent to defraud, after falsely telling him that the money was meant for registration and investment with Crime Alert Security Network which promised a 30% return on Investment in 6 weeks (30 working days).

Another charge 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 the charges when they were read to him.

Consequent upon his plea, the EFCC Counsel, Sanusi Galadanchi opened the case on February 17, 2022 and called eight (8) witnesses.

At the end of the prosecution’s case, the defendant filed a “no case submission” which was thrown out as the defendant was ordered by the court to enter his defence.

Subsequently, the defendant opened and closed its case on October 17th, 2024 where the first defendant testified for himself and on behalf of the 2nd defendant as a lone witness.

The court, after the presentation of the defendants’ case, adopted the final written addresses of both parties as judgment was reserved till April 28th, 2025.

At the resumption of the trial on Monday, April 28, 2025, Justice Adetujoye convicted and sentenced Amos to seven (7) years imprisonment on each count of 6, 16, 17, 18, 19, 21, 22, 23 and 24 but 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.

Furthermore, the court ordered that the sentence should run concurrently and the convict must restitute the victims.

Amos had been earlier convicted and sentenced to 75 years imprisonment by Justice Bayo Taiwo of the Oyo State High Court, Ibadan for similar offence on December 14, 2023.

The convict has two other ongoing trials before Federal High Courts in Ibadan, Oyo State capital.

Another journey by the convict to the Correctional Centre began when he was arrested and arraigned before Justice Olusola Adetujoye on December 14, 2021 by the EFCC.

He was accused of swindling several individuals under the pretext of investment ventures which led to the loss of over N1 billion by investors.