- Convict: Olaniyan Gbenga Amos
- Company: Detorrid Heritage Investment Limited
- Location: Ibadan, Oyo State
- Sentence: 63 years imprisonment
- Charges: Multiple counts of investment fraud
- Prosecutor: Economic and Financial Crimes Commission (EFCC)
The Downfall of a Con Artist
Justice Olusola Adetujoye delivered the verdict on Monday, April 28, 2025, marking the end of a long legal battle. Amos and his firm were found guilty on 30 counts of obtaining money under false pretenses, a serious violation of the Advance Fee Fraud and Other Fraud Related Offences Act 2006. The EFCC’s meticulous investigation and prosecution were crucial in bringing Amos to justice.
How the Scam Worked
Amos lured investors with promises of ridiculously high returns. For instance, in one case, he convinced Bada Titilope to invest N995,000 with a false promise of a 30% return in just six weeks through Crime Alert Security Network. Similarly, Onifade Isaac Olawale was swindled out of N920,000 under the same false pretenses. These were not isolated incidents; Amos ran a widespread scheme that affected numerous individuals.
The Trial and Evidence
Despite pleading not guilty, the evidence against Amos was overwhelming. The EFCC presented eight witnesses and a mountain of exhibits, meticulously documented as “Exhibits A to H.” The prosecution, led by Sanusi Galadanchi, skillfully demonstrated Amos’s fraudulent activities. The court dismissed Amos’s “no case submission,” forcing him to defend himself. In the end, his defense was insufficient to overcome the weight of the evidence.
The Verdict and Concurrent Sentences
Justice Adetujoye sentenced Amos to seven years imprisonment on each of counts 6, 16, 17, 18, 19, 21, 22, 23, and 24. While he was acquitted on several other counts, the overall impact of the sentence is significant. The court ordered that the sentences run concurrently, meaning Amos will serve a total of 63 years. Furthermore, he was ordered to restitute his victims, providing some measure of relief to those he defrauded.
Not His First Rodeo
This isn’t Amos’s first brush with the law. In December 2023, he received a 75-year sentence for a similar offense. He also faces two ongoing trials before Federal High Courts in Ibadan. It’s clear that Amos is a repeat offender with a history of exploiting innocent investors. His criminal activities have resulted in the loss of over N1 billion to unsuspecting individuals.
EFCC’s Relentless Pursuit
The EFCC’s dedication to bringing Amos to justice is commendable. They first arraigned him before Justice Olusola Adetujoye in December 2021, following his arrest for swindling individuals through deceptive investment schemes. Their relentless pursuit demonstrates their commitment to fighting financial crimes and protecting the public from fraudsters.
Investment Tips to Avoid Scams
- Do Your Research: Always investigate investment opportunities thoroughly before committing any funds.
- Be Wary of High Returns: If an investment promises unrealistically high returns, it’s likely a scam.
- Check Credentials: Verify the legitimacy of the investment firm and its representatives.
- Seek Professional Advice: Consult with a qualified financial advisor before making any investment decisions.
- Trust Your Gut: If something feels off, don’t invest.
By following these tips, you can protect yourself from falling victim to investment fraud.
The Bigger Picture
Cases like these highlight the importance of financial literacy and regulatory oversight. The EFCC’s work is crucial in maintaining confidence in the financial system and ensuring that fraudsters are held accountable. As Nigeria’s economy grows, it’s essential to strengthen consumer protection and promote responsible investment practices. Investors should learn about the red flags of investment scams. One common sign is the use of unregistered investment schemes that operate without government approvals. Always verify if the investment company has been registered with the Corporate Affairs Commission (CAC) and licensed by the Securities and Exchange Commission (SEC).