Wednesday, April 30, 2025 - Justice Olusola Adetujoye of the Oyo State High Court sitting in Ibadan on Monday, 28 April 2025, convicted and sentenced Olaniyan Gbenga Amos to 63 years’ imprisonment for multiple investment fraud offences.
He was convicted alongside his firm, Detorrid Heritage
Investment Limited. The duo were prosecuted on a 30-count charge by the Ibadan
Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.
In a statement released on Tuesday, EFCC spokesperson Dele
Oyewale said the crimes bordered 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.
He stated, “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 (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.’
“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 N920,00 (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.’”
According to EFCC, the defendant pleaded not guilty when the
charges were read to him.
Following his plea, EFCC counsel Sanusi Galadanchi opened
the case on 17 February 2022, calling eight witnesses and tendering several
exhibits marked Exhibits A to H. The prosecution closed its case on 24 January
2023.
Upon conclusion of the prosecution’s case, the defendant
filed a “no-case submission”, which was dismissed by the court, and he was
ordered to enter his defence. He subsequently opened and closed his defence on
17 October 2024, testifying on his own behalf and representing the second
defendant as a sole witness.
After the defence concluded its presentation, the court
adopted the final written addresses of both parties and reserved judgment for
28 April 2025.
At the resumption of proceedings, Justice Adetujoye
convicted and sentenced Amos to seven years’ imprisonment on each of counts 6,
16, 17, 18, 19, 21, 22, 23, and 24. However, he was discharged and acquitted on
counts 1–5, 7–15, 20, and 25–30.
The court ordered the sentences to run concurrently and
directed that the convict must make restitution to his victims.
Amos had previously been sentenced to 75 years’ imprisonment
by Justice Bayo Taiwo of the Oyo State High Court, Ibadan, on 14 December 2023
for a similar offence.
“The convict has two other ongoing trials before Federal
High Courts in Ibadan, Oyo State,” the EFCC statement noted.
His latest conviction followed his arrest and arraignment
before Justice Olusola Adetujoye on 14 December 2021 by the EFCC. Amos
defrauded numerous individuals under the guise of investment schemes, resulting
in investor losses exceeding N1 billion.
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