IBADAN PONZI SCHEME OPERATOR BAGS ANOTHER 63 YEARS IMPRISONMENT WHILE SERVING 75 YEARS IN JAIL FOR MAKING INVESTORS LOSE OVER 1BILLION
Justice Olusola Adetujoye of the Oyo State High Court, sitting in Ibadan, on Monday, April 28, 2025, sentenced Olaniyan Gbenga Amos to 63 years in prison for orchestrating multiple investment scams.
Amos, along with his company, Detorrid Heritage Investment Limited, was found guilty on a 30-count charge filed by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
The charges involved obtaining money by false pretences—offences contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006.
One of the counts read: “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, 000.00 (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 read: “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, 000.00 (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.”
However, the defendant pleaded not guilty to the charges when they were read to him.
Consequent upon his plea, the EFCC counsel, Sanusi Galadanchi,, opened the case on February 17, 2022, called eight (8) witnesses, tendered several exhibits marked “Exhibits A to H,” and closed the case on January 24, 2023.
Meanwhile, at the end of the prosecution’s case, the defendant filed a “no case submission,” but it was thrown out as the court ordered the defendant to enter his defence.
The defendant subsequently opened and concluded its case on October 17, 2024, with the first defendant testifying alone on behalf of both himself and the second defendant.
The court, after the presentation of the defendants’ case, adopted the final written addresses of both parties as judgment was reserved till April 28, 2025.
At the resumption of the trial on Monday, April 28, 2025, Justice Adetujoye convicted and sentenced Amos to seven (7) years imprisonment on each count of 6, 16, 17, 18, 19, 21, 22, 23 and 24 but discharged and acquitted the defendant on counts 1, 2, 3, 4, 5, 7, 8, 9, 10, 11, 12, 13, 14, 15, 20, 25, 26, 27, 28, 29 and 30 respectively.
Furthermore, the court ordered that the sentence should run concurrently and the convict must restitute the victims.
Amos was convicted and sentenced to seventy-five (75) 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 Court in Ibadan, Oyo State.
He swindled several individuals under the pretext of investment ventures, which led to investors’ losses of over N1 billion.
Sahara Reporters
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