Justice Bayo Taiwo of the Oyo State High Court, sitting in Ibadan, on Thursday, December 14, 2023, convicted and sentenced Olaniyan Gbenga Amos to seventy-five, 75, years imprisonment for multiple investment fraud.
He was convicted alongside his firm, Detorrid Heritage Investment Limited.
They were prosecuted on 35-count count charges by the Ibadan Zonal Command of the Economic and Financial Crimes Commission, EFCC, bordering on obtaining by false pretenses, 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 35 of the charge reads: “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 offense of obtaining money under pretense 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 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 offense of obtaining money under pretense 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.
Given his plea, EFCC Counsel, Sanusi Galadanchi opened the case on February 17, 2022, and called six witnesses, tendered eight exhibits, and closed the case on January 24, 2023. At the end of the prosecution’s case, the defendant filed a “no case submission” which was overruled by the court. Consequently, the defendant opened and closed his case by calling three witnesses. Thereafter, Justice Taiwo reserved judgment in the matter till December 14, 2023.
At the resumption of the trial on Thursday, December 14, 2023, Justice Taiwo convicted and sentenced the defendant to fifteen (15) years imprisonment on each of counts 27, 32, 33, 34, and 35 but discharged and acquitted the defendant on counts 1, 2, 3, 4, 5, 6, 7,8, 9; 10, 11, 12, 13, 14, 15, 16, 17, 18, 19; 20, 21, 22, 23, 24, 25, 26, 28, 29; 30 and 31 respectively.
Furthermore, the court ordered that the sentence should run concurrently and the defendant should also restitute the victims.
Amos has three other ongoing trials before Federal and State High Courts in Ibadan, Oyo State.
The convict’s journey to the Correctional Centre began when he was arrested and arraigned before Justice Bayo Taiwo on December 14, 2021, by the EFCC. He swindled several individuals through fake investment ventures that led to the loss of money to the tune of over N1 billion by investors.
Amos deliberately reneged on meeting up with the agreements he made with his investors, by not paying the agreed “Return on Investment” to those who invested in “Crime Alert Security Network”, a security investment program under the umbrella of his firm.
