In a landmark judgment, Justice Bayo Taiwo of the Oyo State High Court, sitting in Ibadan, sentenced Olaniyan Gbenga Amos to a cumulative 75 years imprisonment for perpetrating multiple counts of investment fraud. The conviction also included his firm, Detorrid Heritage Investment Limited. This decisive legal action follows a meticulous prosecution by the Ibadan Zonal Command of the Economic and Financial Crimes Commission (EFCC).
Background of the case
Olaniyan Gbenga Amos and his firm, Detorrid Heritage Investment Limited, faced a 35-count charge, prosecuted by the EFCC, which included allegations of obtaining money by false pretenses. The charges, in violation of Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, spanned various instances of deceptive investment schemes.
One of the charges, Count 35, exemplified the fraudulent activities: “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…”
Amos pleaded “not guilty” to the charges, leading to a thorough legal process that unfolded over months.
Prosecution and trial
The EFCC Counsel, Sanusi Galadanchi, initiated the case on February 17, 2022. During the trial, six witnesses were called, and eight exhibits were tendered by the prosecution. The case was concluded on January 24, 2023. In response, the defendant filed a “no case submission,” which was overruled by the court.
Following this development, the defendant presented his case, calling three witnesses. The trial concluded, and Justice Taiwo reserved judgment until December 14, 2023.
Judgment and sentencing
On the said date, Justice Taiwo delivered a comprehensive judgment, convicting and sentencing Amos to fifteen (15) years imprisonment on each of counts 27, 32, 33, 34, and 35. However, the defendant was discharged and acquitted on counts 1 to 31.
The court ordered that the sentences should run concurrently, totaling 75 years of imprisonment for the convicted investment fraudster. In addition to the prison term, Amos was directed to restitute the victims, seeking to rectify the financial losses suffered by those who fell victim to his fraudulent schemes.
Continued legal battles
Olaniyan Gbenga Amos faces three other ongoing trials before Federal and State High Courts in Ibadan, Oyo State. These trials reflect the gravity and extent of his fraudulent activities, impacting multiple individuals and accumulating losses exceeding N1 billion.
Amos, whose journey to the Correctional Centre began with his arrest and arraignment before Justice Bayo Taiwo on December 14, 2021, was found guilty of deliberately failing to fulfill agreements made with investors, resulting in substantial financial losses.
This significant legal outcome underscores the commitment of the judiciary and law enforcement agencies to combat financial crimes, protect investors, and ensure justice is served. The case serves as a warning to potential fraudsters and emphasizes the consequences awaiting those who exploit unsuspecting individuals through deceptive investment schemes.
As Olaniyan Gbenga Amos commences his 75-year sentence, the judgment stands as a testament to the resilience of the Nigerian legal system in holding perpetrators of financial crimes accountable for their actions.
