Justice Olusola Adetujoye of the Oyo State High Court in Ibadan has sentenced Olaniyan Gbenga Amos to 63 years in prison for multiple counts of investment fraud.
EFCC spokesperson Dele Oyewale confirmed the development in a statement issued Tuesday, April 29, in Ibadan.
Amos was convicted on Monday alongside his company, Detorrid Heritage Investment Limited, on 30 counts brought by the Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Directorate.
The charges bordered on obtaining money under false pretences, contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
One of the charges stated: “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 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 six 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 count detailed how Amos defrauded Onifade Isaac Olawale of N920,000 in a similar manner.
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Despite pleading not guilty, the EFCC, through its counsel Sanusi Galadanchi, opened its case in February 2022. Eight witnesses were called, and numerous exhibits were tendered.
Although the defendant filed a “no case submission” after the prosecution closed its case in January 2023, the court rejected it and directed Amos to enter his defence.
On October 17, 2024, Amos took the stand as the sole witness for himself and his company. Both parties adopted their final written addresses, and judgment was reserved until April 28, 2025.
On that day, Justice Adetujoye found Amos guilty on nine counts, specifically counts 6, 16, 17, 18, 19, 21, 22, 23, and 24, sentencing him to seven years on each. He was acquitted on 21 other counts. The court ruled that the sentences will run concurrently and ordered him to pay restitution to his victims.
This is not Amos’ first conviction. On December 14, 2023, Justice Bayo Taiwo of the same court sentenced him to 75 years in prison for similar fraud offences. He also has two pending trials before the Federal High Courts in Ibadan.
Amos’ latest conviction stems from fraudulent investment schemes that lured unsuspecting individuals with promises of high returns, resulting in investor losses amounting to over ₦1 billion.
His prosecution before Justice Adetujoye began on December 14, 2021, following his arrest by the EFCC.