Police Testify Against Oak Homes CEO Olukayode Olusanya In N152 Million Fraud Case
An Assistant Superintendent of Police, Egho Amiebelomo, today testified before the Federal High Court in Lagos in the ongoing N152 million alleged fraud case filed against the Chief Executive Officer of Oak Homes Limited, Olukayode Olusanya, and his company.
In his testimony, Amiebelomo stated that the case he investigated involved allegations of fraud, obtaining money under false pretences, and stealing.
Olusanya and his company are facing a four-count charge bordering on conspiracy, obtaining money by false pretence, fraud, and stealing, filed by the Nigerian Police Force. He was arraigned on November 26, 2024, and pleaded not guilty.
According to the police, Olusanya allegedly conspired with Lynda Umeh, Oak Homes’ Head of Sales and Marketing, who is currently at large, to defraud a Nigerian-American engineer, Anthony Ugbebor.
The police alleged further that between November 8, 2017, and August 4, 2020, the defendants deceived Ugbebor into paying N152 million for two three-bedroom apartments at Oak Residence, Victoria Island, Lagos, with a promise to deliver possession by February 28, 2019. However, the property was allegedly never delivered.
At the last hearing on February 10, 2025, the prosecution sought to tender the complainant’s petition and the defendant’s statement as evidence, but the defence objected to their admissibility.
Justice Musa Kakaki adjourned the ruling on the admissibility to today (April 15, 2025).
At the resumed hearing, Justice Kakaki admitted the complainant’s petition in evidence, marking it as Exhibit A.
However, the judge refused to admit the confessional statement of the defendant, ruling that the prosecution failed to comply with Section 17(2) of the Administration of Criminal Justice Act.
Testifying as the first prosecution witness, Amiebelomo told the court that he invited three other witnesses during the investigation: Mrs. Kofo Coker, Mr. Seye, and one Mr. Shuiabu. He confirmed that the witnesses submitted documents, including a payment receipt and an offer letter issued by the defendant in 2017, which Ugbebor accepted.
Under cross-examination by defence counsel Barrrister Adeleke Agboola (SAN), Amiebelomo confirmed that the petition was dated and submitted on December 27, 2023, and that it was referred to him for investigation on the same day.
He also said he met the petitioner for the first time when the Assistant Inspector General of Police transferred the petition to his department, during which the petitioner made and signed a statement in his presence. However, Amiebelomo stated he was not an expert in signature verification.
He further revealed that the Economic and Financial Crimes Commission (EFCC) had previously handled the case, but said he was unaware that Olusanya had refunded N110 million via bank draft to the EFCC. He added that the defendant never informed him of any such refund during the investigation.
Amiebelomo also said he was not aware of a civil suit, Suit No. LD447LMW/2023, in which a pre-emptive order of injunction was issued by the Lagos State High Court against the complainant and the EFCC. He stated that his department was not served with the court order.
When asked if he knew that police officers were barred from handling purely civil matters, the prosecution objected to the line of questioning. Prosecutor Supol M.A. Omo-Osagie cited relevant case law and Section 135 of the Evidence Act to argue that a civil transaction could also give rise to criminal liability. He urged the court to disregard the question.
Another defence counsel, Mr. Jude, challenged the completeness of the investigation, but Amiebelomo insisted it was conclusive.
He said that when he visited the property site, the building was incomplete.
Asked whether the defendant had explained why the property was not delivered, Amiebelomo said Olusanya claimed that the original agreed price was no longer tenable due to increased costs and that he was no longer willing to proceed at that price.
He added that the defendant did not mention COVID-19 or the sealing of the property by the Lagos State Government as reasons for the delay.
Thereafter,the case was adjourned until July 8, 2025, for continuation of trial.
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