Justice Olusola Adetujoye of the Oyo State High Court in Ibadan has sentenced Olaniyan Amos to 63 years in prison after he was found guilty of multiple counts of investment fraud.
Amos was convicted alongside his company, Detorrid Heritage Investment Limited, on Monday.
The Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Directorate, prosecuted Amos and his company on 30 charges related to obtaining money under false pretenses.
These offenses violate Section 1(1)(a) and are punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006.
The charges revealed that Amos and his company deceived individuals into paying large sums of money through fraudulent schemes.
For example, on June 18, 2020, they fraudulently obtained N995,000 from Bada Titilope by promising a 30% return on investment within six weeks. Similarly, they swindled N920,000 from Onifade Isaac Olawale on January 29, 2020.
Although Amos initially pleaded not guilty, the EFCC presented its case in 2022, calling eight witnesses and submitting several exhibits. In response, Amos filed a “no case submission,” which the court rejected. He later testified in his defense on October 17, 2024.
After the trial, both parties submitted their final written addresses, and the court reserved judgment for April 28, 2025.
On that day, Justice Adetujoye sentenced Amos to seven years in prison for each of the offenses, specifically counts 6, 16, 17, 18, 19, 21, 22, 23, and 24, while acquitting him on 21 counts. The sentences will run concurrently, and Amos was also ordered to make restitution to the victims.
In December 2023, Amos had already been sentenced to 75 years in prison for similar offenses by Justice Bayo Taiwo.
Additionally, Amos is facing two ongoing trials before the Federal High Court in Ibadan for related charges. The total amount he defrauded from investors exceeds N1 billion.
Amos was first arrested by the EFCC on December 14, 2021, on charges of defrauding individuals through fraudulent investment schemes.
Advertisement
