Olaniyan Amos was found guilty of serial investment fraud and given a 63-year prison term by Justice Olusola Adetujoye of the Oyo State High Court in Ibadan.
On Monday, Amos and his company, Detorrid Heritage Investment Limited, were found guilty.
The Economic and Financial Crimes Commission, Ibadan Zonal Directorate, charged them with 30 counts that amounted to obtaining by false pretenses, which is against Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and is punishable under Section 1(3).
Dele Oyewale, the Head of Media and Publicity, made this announcement in Ibadan, the capital of Oyo state, on Tuesday.According to count 21 of the charge, “On or around June 18, 2020, in Ibadan, within the jurisdiction of this Honourable Court, you Olaniyan Gbenga Amos and Detorrid Heritage Investment Limited, with intent to defraud, obtained the sum of N995, 000.00 from Bada Titilope, by falsely representing 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).” You committed the offense of obtaining money under false pretense, which is against Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, and you are punished under Section 1(3) of the same law. Another charge states, “That on or around January 29, 2020, in Ibadan, within the jurisdiction of this Honorable Court, you Olaniyan Gbenga Amos and Detorrid Heritage Investment Limited, with intent to defraud, obtained the sum of N920, 000.00 from Onifade Isaac Olawale, by falsely representing 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. As a result, you committed the offense of Obtaining Money under false pretense, which is against Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006.
After being read the charges, the defendant entered a not guilty plea.
Following his request, Sanusi Galadanchi, the EFCC Counsel, launched the case on February 17, 2022, called eight witnesses, offered a number of exhibits designated “Exhibits A to H,” and closed it on January 24, 2023.
The defendant filed a “no case submission” at the conclusion of the prosecution’s case, but it was dismissed since the judge had ordered the defendant to enter his defense.
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.
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.
About The Author
