The Federal High Court in Ikoyi, Lagos, has adjourned the trial of Olukayode Olusanya, CEO of Oak Homes Ltd, to February 10, 2025.
Olusanya and his company are facing charges of fraud, conspiracy, and theft over an alleged ₦152 million scam.
The charges were brought against him by the Nigeria Police Force on behalf of a US-based Nigerian engineer, Anthony Ehiedu Ugbebor.
The court proceedings, presided over by Justice Musa Kakaki, resumed on November 26, 2024.
During the session, the police filed an amended four-count charge against Olusanya, accusing him of obtaining money under false pretenses, conspiracy, and threats to life.
Olusanya, alongside his head of sales and marketing manager, Lynda Umeh, who is currently at large, allegedly defrauded Ugbebor of ₦152 million.
A Web of Deceit
The police claim that Olusanya and Umeh sold two three-bedroom flats at Oak Residence on 14A Musa Yar’Adua Street, Victoria Island, to Ugbebor.
They reportedly promised to hand over possession of the properties by February 28, 2019, but failed to do so.
Between November 2017 and August 2020, Ugbebor paid ₦85 million and ₦49 million through a Zenith Bank account linked to Olusanya.
In total, the payments amounted to ₦152 million.
However, the properties were never delivered, and Ugbebor alleges that Olusanya converted the funds for personal use.
Threats and Intimidation
The charges also include an alleged threat to murder Ugbebor.
According to court documents, Olusanya allegedly conspired to harm Ugbebor if he returned to Nigeria to pursue legal action.
The police noted that the threats were made after Ugbebor reported the matter to the Economic and Financial Crimes Commission (EFCC) and other security agencies.
“Olukayode Olusanya conspired to murder Mr. Anthony Ugbebor for daring to report him,” part of the charge reads.
The offences are said to violate multiple sections of the Criminal Code Act and the Advance Fee Fraud Act.
Legal Maneuvering in Court
When the case was called, Chief Superintendent of Police M.A. Omo-Osagie, the prosecuting counsel, withdrew the initial three-count charge and replaced it with a four-count charge.
The new charges were read to Olusanya, who pleaded not guilty on behalf of himself and his company.
Olusanya’s lawyer, Agboola Adeleke, SAN, requested that his client continue on the bail previously granted.
The court accepted this request and allowed Olusanya to remain on bail pending the trial.
Justice Musa Kakaki then adjourned the case to February 10, 2025, for further proceedings.
A Long Road to Justice
The allegations against Olusanya date back to 2017, when Ugbebor began making payments for the properties.
Despite several promises, Olusanya allegedly failed to deliver the flats or refund the money.
Frustrated by the delays, Ugbebor took legal action, prompting the police investigation.
Oak Homes’ Reputation on the Line
Oak Homes Ltd is a well-known property development company in Lagos.
The fraud case has cast a shadow over its reputation, raising questions about its business practices.
If convicted, Olusanya could face severe penalties, including imprisonment.
Victim’s Quest for Justice
For Ugbebor, the case represents a fight for justice and accountability.
“He trusted Olusanya with a significant amount of money,” a close associate of Ugbebor said.
“The betrayal and threats have been devastating.”
