Two separate Oyo State High Court sittings in Ibadan have convicted and sentenced Olaniyan Gbenga Amos to years in jail over a N1 billion investment fraud.
This is according to a statement by the Economic and Financial Crimes Commission (EFCC) on Tuesday.
He was convicted alongside his firm, Detorrid Heritage Investment Limited.
While Justice Olusola Adetujoye jailed the convict on April 28, 2025, Justice Bayo Taiwo of the Oyo State High Court, Ibadan, had earlier convicted the defendant for a similar offence on December 14, 2023.
EFCC Allegation
- According to the EFCC, the convict was arrested and arraigned before Justice Olusola Adetujoye on December 14, 2021.
- He was accused of swindling several individuals under the pretext of investment ventures, leading to losses amounting to over N1 billion for investors.
- The convict and his company were prosecuted on a 30-count charge by the Ibadan Zonal Directorate of the EFCC, 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.
Count 21 of the charge reads:
“That you, Olaniyan Gbenga Amos, and Detorrid Heritage Investment Limited, on or about the 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 was 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.”
What Transpired in Court
- The defendant pleaded not guilty to the charges when they were read to him by the registrar.
- As such, 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,” implying he had no case to answer.
- However, the court dismissed the submission and ordered the defendant to enter his defence.
- The defendant opened and closed his case on October 17, 2024, testifying for himself and on behalf of the company in dispute.
What the Court Said
Delivering judgment on April 28, 2025, Justice Adetujoye convicted and sentenced Amos to seven years’ imprisonment on each of counts 6, 16, 17, 18, 19, 21, 22, 23, and 24, but discharged and acquitted him on counts 1–5, 7–15, and 20, as well as counts 25–30.
The court ordered that the sentences run concurrently, and that the convict must restitute the victims, meaning he will spend seven years in prison.
More Insights
The EFCC also highlighted that Amos was previously convicted and sentenced to years in prison by Justice Bayo Taiwo of the Oyo State High Court, Ibadan, for a similar offence on December 14, 2023.
It added that the convict has two other ongoing trials before the Federal High Courts in Ibadan, Oyo State, describing him as an alleged serial fraudster.
