Ibadan High Court Sentences Investment Fraudster To 75 Years

The High Court in Ibadan, Oyo State, has sentenced one Olaniyan Gbenga Amos to a total of 75 years in prison for multiple counts of investment fraud.

The conviction was pronounced by Justice Bayo Taiwo on Thursday, December 14, 2023, following the 35-count brought against him by the Ibadan Zonal Command of the Economic and Financial Crimes Commission (EFCC).

The charges primarily revolved around obtaining money by false pretenses, contravening Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.

According to the EFCC’s statement via its X page (formerly known as Twitter), the charges against Amos detailed instances of fraudulent schemes involving the misrepresentation of investment opportunities, resulting in substantial financial losses to unsuspecting victims.

The defendant had pleaded “not guilty” to the charges, leading to a comprehensive trial that spanned several sessions. The EFCC Counsel, Sanusi Galadanchi, presented six witnesses and eight exhibits during the trial, which concluded on January 24, 2023.

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Count 35 of the charge read,: “That you Olaniyan Gbenga Amos and Detorrid Heritage Investment Limited on or about the 20th of February, 2020, at Ibadan, within the jurisdiction of this honourable court, with intent to defraud obtained the sum of N1,540,000 (One million, Five Hundred and Forty Thousand only) from Akinlabi Qasim Dada, when you falsely represented to him that the money was meant for registration and investment with Crime Alert Security Network with a promise of 30% return on investment in six weeks (30 working days), which representation 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.”

Another Charge read,: “That you OLANIYAN GBENGA AMOS and DETORRID HERITAGE INVESTMENT LIMITED on or about 27th of August, 2020, at Ibadan, within the jurisdiction of this Honourable Court, with intent to defraud obtained the sum of N170,000 (One Hundred and Seventy Thousand Naira) only from Alhaji Mukaila Odunayo, 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.”

Despite the defendant’s “no case submission,” which was overruled by the court, Justice Taiwo convicted Amos on counts 27, 32, 33, 34, and 35, sentencing him to 15 years’ imprisonment on each count. However, Amos was discharged and acquitted on the remaining counts.

Moreover, the court ordered the sentences to run concurrently and mandated Amos to restitute the victims. It’s revealed that Amos has three ongoing trials before Federal and State High Courts in Ibadan, Oyo State, adding to the severity of his legal predicament.

Amos’ criminal journey commenced when he was arrested and arraigned before Justice Bayo Taiwo on December 14, 2021, by the EFCC. The fraudulent schemes operated under the guise of the “Crime Alert Security Network,” a fabricated investment platform that led to the swindling of several individuals, resulting in losses exceeding N1 billion.

Amos systematically failed to honour agreements with his investors, depriving them of the agreed-upon returns, thus leading to his eventual conviction on multiple counts of investment fraud.