Nigerian Court Jails Investment Fraudster For 63 Years

Justice Olusola Adetujoye of the Oyo State High Court sitting in Ibadan on Monday, 28 April 2025, convicted and sentenced Olaniyan Gbenga Amos to 63 years’ imprisonment for multiple investment fraud offences.

He was convicted alongside his firm, Detorrid Heritage Investment Limited. The duo were prosecuted on a 30-count charge by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.

In a statement released on Tuesday, EFCC spokesperson Dele Oyewale said the crimes bordered on obtaining by false pretences—an offence contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.

He stated, “Count 21 of the charge reads: ‘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 (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 reads: ‘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 N920,00 (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.’”

According to EFCC, the defendant pleaded not guilty when the charges were read to him.

Following his plea, EFCC counsel Sanusi Galadanchi opened the case on 17 February 2022, calling eight witnesses and tendering several exhibits marked Exhibits A to H. The prosecution closed its case on 24 January 2023.

Upon conclusion of the prosecution’s case, the defendant filed a “no-case submission”, which was dismissed by the court, and he was ordered to enter his defence. He subsequently opened and closed his defence on 17 October 2024, testifying on his own behalf and representing the second defendant as a sole witness.

After the defence concluded its presentation, the court adopted the final written addresses of both parties and reserved judgment for 28 April 2025