In a landmark judgment aimed at reinforcing Nigeria’s fight against financial crimes, the Oyo State High Court sitting in Ibadan has sentenced one Olaniyan Gbenga Amos to 63 years in prison for orchestrating a large-scale investment fraud that defrauded numerous Nigerians of over one billion naira.
Justice Olusola Adetujoye, who presided over the case, handed down the sentence on Monday, April 28, 2025, after finding Amos guilty on multiple counts of obtaining money by false pretence. The convict’s company, Detorrid Heritage Investment Limited, was also implicated and found culpable in the fraudulent scheme.
The Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Directorate, prosecuted Amos and his firm on a 30-count charge bordering on advance fee fraud. The EFCC’s legal team, led by Sanusi Galadanchi, presented a compelling case, tendering documentary evidence and testimony from eight witnesses.
One of the charges revealed that Amos, under false representation, collected N995,000 from a victim, Bada Titilope, claiming it was for an investment with Crime Alert Security Network, with a promised 30% return in just six weeks. Another victim, Onifade Isaac Olawale, lost N920,000 under a similar pretense.
Despite initially pleading not guilty, the court rejected Amos’s “no case submission” and ruled that the prosecution had successfully established a prima facie case. Consequently, Amos testified in his own defense in October 2024, denying wrongdoing.
However, in delivering judgment, Justice Adetujoye convicted Amos on nine of the 30 counts and sentenced him to seven years on each count. The sentences are to run concurrently, totaling 63 years. The court further ordered that the convict make restitution to his victims.
Notably, this is not the first time Amos is being convicted for fraud. In December 2023, Justice Bayo Taiwo of the same Oyo State High Court sentenced him to 75 years imprisonment in a separate but similar case involving fraudulent investment schemes.
According to EFCC’s Head of Media and Publicity, Dele Oyewale, Amos has at least two other pending fraud-related cases before the Federal High Court in Ibadan. His criminal enterprise reportedly targeted unsuspecting investors across Nigeria, promising bogus returns and siphoning funds through elaborate Ponzi-style schemes.
Investigations revealed that Amos masterminded a network of deceit through Detorrid Heritage Investment Limited, misleading clients with claims of affiliations with Crime Alert Security Network, and guaranteeing high-yield returns that were never delivered.
The conviction underscores EFCC’s sustained efforts in combating economic and financial crimes, particularly Ponzi schemes and online investment frauds that have surged in recent years. The commission has reiterated its commitment to ensuring that fraudsters face the full weight of the law while victims receive restitution.
This case has once again sparked public concern over the growing menace of fraudulent investment platforms in Nigeria, many of which operate under vague regulatory oversight and target vulnerable individuals seeking quick financial gains.
Legal experts have applauded the judiciary’s stance, urging more proactive regulatory frameworks to curb such schemes before they snowball into national financial disasters. Meanwhile, the EFCC has advised Nigerians to verify the legitimacy of any investment offer and report suspicious schemes promptly.
With the sentencing of Amos, stakeholders hope the ruling will serve as a deterrent to other fraudsters and send a clear message that justice will catch up with those who prey on public