Justice Bayo Taiwo of the Oyo State High Court, sitting in Ibadan, on Thursday, convicted and sentenced the Chief Executive Officer of Crime Alert Security Network, Ibadan, Olaniyan Gbenga Amos, to 75 years imprisonment for multiple investment frauds.
Olaniyan, according to a statement from the Head of Media and Publicity of the Economic and Financial Crimes Commission, Dele Oyewale, on Tuesday, was convicted alongside his firm, Detorrid Heritage Investment Limited on December 14, 2023.
They were said to have been prosecuted on 35 count charges by the Ibadan Zonal Command of the Economic and Financial Crimes Commission, bordering on obtaining by 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.
The statement partly read, “Count 35 of the charge read: “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 only from Akinlabi Qasim Dada, when you falsely represented to him that the money was 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 representation 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 27th of August, 2020, at Ibadan, within the jurisdiction of this honourable court, with intent to defraud, obtained the sum of N170,000 only from Alhaji Mukaila Odunayo, when you falsely represented to him that the money was 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.”
The defendants were said to have pleaded “not guilty” to the charges when they were read to him.
Given his plea, the EFCC counsel, Sanusi Galadanchi, opened the case on February 17, 2022, and called six witnesses, tendered eight exhibits and closed the case on January 24, 2023.
The counsel disclosed further that “At the end of the prosecution’s case, the defendant filed a “no case submission” which was overruled by the court. Consequently, the defendant opened and closed his case by calling three witnesses. Thereafter, Justice Taiwo reserved judgment in the matter till December 14, 2023.
“At the resumption of the trial on Thursday, December 14, 2023, Justice Taiwo convicted and sentenced the defendant to 15 years imprisonment on each of counts 27, 32, 33, 34, and 35 but discharged and acquitted the defendant on counts 1, 2, 3, 4, 5, 6, 7, 8, 9; 10, 11, 12, 13, 14, 15, 16, 17, 18, 19; 20, 21, 22, 23, 24, 25, 26, 28, 29; 30 and 31 respectively.
“Furthermore, the court ordered that the sentence should run concurrently and the defendant should also restitute the victims.
“Olaniyan has three other ongoing trials before federal and state High Courts in Ibadan, Oyo State.
“The convict’s journey to the correctional centre began when he was arrested and arraigned before Justice Bayo Taiwo on December 14, 2021, by the EFCC. He swindled several individuals through fake investment ventures that led to the loss of money to the tune of over N1bn by the investors.
“Olaniyan deliberately reneged to meet up with the agreements he made 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 the umbrella of his firm.”
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.