On Thursday, December 14, 2023, Olaniyan Gbenga Amos was sentenced to 75 years in prison by Justice Bayo Taiwo of the Oyo State High Court in Ibadan for committing multiple investment frauds. His company, Detorrid Heritage Investment Limited, was also convicted by EFCC.
The Economic and Financial Crimes Commission (EFCC) Ibadan Zonal Command prosecuted them on 35 counts of obtaining by false pretences, a violation of 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 Amos and his company had defrauded Akinlabi Qasim Dada of N1,540,000 (One million, Five Hundred and Forty Thousand only) on or about February 20, 2020. They falsely claimed that the money was for registration and investment with Crime Alert Security Network, promising a 30% return on investment in six weeks (30 working days), knowing this to be untrue.
Another charge stated that they had defrauded Alhaji Mukaila Odunayo of N170,000 (One Hundred and Seventy Thousand Naira) only on or about August 27, 2020, under similar false pretences.
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Amos pleaded “not guilty” to the charges. In response, EFCC Counsel, Sanusi Galadanchi, opened the case on February 17, 2022, called six witnesses, presented eight exhibits, and closed the case on January 24, 2023. After the prosecution rested its case, Amos filed a “no case submission”, which the court overruled. He then presented his case, calling three witnesses. Justice Taiwo then adjourned the case for judgment until December 14, 2023.
Upon resumption of the trial on December 14, 2023, Justice Taiwo convicted Amos and sentenced him to fifteen (15) years imprisonment on each of counts 27, 32, 33, 34, and 35. However, Amos was acquitted on the remaining counts. The court ordered that the sentences should run concurrently and that Amos should also make restitution to the victims.
Amos is currently facing three other trials before Federal and State High Courts in Ibadan, Oyo State. His path to the Correctional Centre began when he was arrested and arraigned before Justice Bayo Taiwo on December 14, 2021, by the EFCC. He had defrauded several individuals through fraudulent investment schemes, leading to a loss of over N1 billion by investors. Amos intentionally failed to fulfill his agreements with his investors by not paying the agreed “Return on Investment” to those who invested in “Crime Alert Security Network”, a security investment programme under his company.