An Assistant Superintendent of Police, Egho Amiebelomo, has told a Federal High Court in Lagos that the ₦152 million fraud case against Olukayode Olusanya, CEO of Oak Homes Limited, and his company, involves conspiracy, obtaining money under false pretence, fraud, and stealing.
Olusanya, who was arraigned on November 26, 2024, pleaded not guilty to the four-count charge filed by the Nigeria Police.
The charges stem from an alleged scheme to defraud a Nigerian-American engineer, Anthony Ugbebor, of ₦152 million.
According to the prosecution, Olusanya and a co-conspirator, Lynda Umeh (Head of Sales and Marketing at Oak Homes, currently at large), collected the sum between November 8, 2017, and August 4, 2020, under the guise of selling two three-bedroom apartments at Oak Residence, Victoria Island, Lagos.
The properties were meant to be delivered by February 28, 2019, but were never handed over.
During a resumed hearing, the presiding judge, Justice Musa Kakaki, ruled on the admissibility of key documents.
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He admitted the complainant’s signed petition into evidence as Exhibit A, but rejected the defendant’s confessional statement, citing non-compliance with Section 17(2) of the Administration of Criminal Justice Act.
Testifying as the first prosecution witness, ASP Amiebelomo told the court that three additional witnesses—Mrs Kofo Coker, Mr Seye, and Mr Shuiabu—were interviewed during the investigation.
He confirmed that they submitted relevant documents, including the original payment receipt and offer letter issued by Oak Homes in 2017 and accepted by the complainant.
Cross-examined by Olusanya’s counsel, Adeleke Agboola (SAN), the witness said the petition was dated and submitted to the Assistant Inspector General of Police, Zone 2, on December 27, 2023, and was assigned to him for investigation the same day.
Amiebelomo also confirmed meeting Ugbebor in person and recording his statement.
He acknowledged that the EFCC had previously investigated the case but said he was unaware that Olusanya had refunded ₦110 million to the EFCC via bank draft.
The defence raised concerns that the matter was civil in nature, pointing to a pending civil suit (No. LD447LMW/2023) at the Lagos State High Court, where an injunction had reportedly been granted against the complainant and EFCC.
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Amiebelomo responded that he was unaware of the injunction, and said no such court order had been served.
Agboola also challenged the police’s jurisdiction, arguing that law enforcement should not interfere in civil disputes.
However, the prosecution counsel, Supol M.A. Omo-Osagie, objected to that line of questioning, arguing that civil transactions can escalate into criminal cases and cited Section 135 of the Evidence Act in support.
During further questioning, the defence suggested the investigation was inconclusive, but Amiebelomo maintained it was complete, stating: “When I visited the location, the building was not complete.”
When asked if the defendant had explained the non-delivery of the property, the witness said Olusanya claimed the agreed purchase price was no longer viable due to rising costs and refused to proceed on the original terms.
However, he said Olusanya did not cite the COVID-19 pandemic or any government sealing of the property as factors.
Justice Kakaki adjourned the case to July 8, 2025, for continuation of trial.
