Justice Olusola Adetujoye of the Oyo State High Court sitting in Ibadan, on Monday, April 28, 2025 convicted and sentenced Olaniyan Gbenga Amos to sixty-three years jail term for multiple investment fraud.
Olaniyan was convicted alongside his firm, Detorrid Heritage Investment Limited.
They were prosecuted on 30-count charges by the Economic and Financial Crimes Commission, Ibadan Zonal Directorate, 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.
This was contained in a statement by the Head of Media and Publicity, Dele Oyewale in Ibadan, the Oyo state capital, on Tuesday.
Count 21 of the charge reads, “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 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 six 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.”
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 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 six 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.
Upon his plea, the EFCC Counsel, Sanusi Galadanchi, opened the case on February 17, 2022 and called eight witnesses, tendered several exhibits marked “Exhibits A to H” and closed the case on January 24, 2023.
At the end of the prosecution’s case, the defendant filed a “no case submission” but 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 years imprisonment on each count of 6, 16, 17, 18, 19, 21, 22, 23 and 24 but discharged and acquitted the defendant on 21 counts.
Furthermore, the court also ordered that the sentence should run concurrently and the convict must restitute the victims.
Amos was convicted and sentenced to seventy-five years imprisonment by Justice Bayo Taiwo of the Oyo State High Court, Ibadan, for a similar offence on December 14, 2023.
The convict has two other ongoing trials before the Federal High Courts in Ibadan, Oyo State.
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 swindled several individuals under the pretext of investment ventures that led to the loss of money to the tune of over N1 billion by investors.
