Justice Olusola Adetujoye of the Oyo State High Court has sentenced Olaniyan Gbenga Amos, Chief Executive Officer of Detorrid Heritage Investment Limited, to 63 years imprisonment for multiple counts of investment fraud.
Amos, who was convicted alongside his company, was prosecuted by the Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Directorate, on a 30-count charge bordering on obtaining money under false pretences — an offence contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The judgment, delivered on Monday, followed a lengthy trial that began after Amos was arraigned on December 14, 2021. According to a statement issued on Tuesday by EFCC spokesperson Dele Oyewale, the convict defrauded several individuals through fraudulent investment schemes that promised exaggerated returns.
One of the charges reads:
“That you, Olaniyan Gbenga Amos, and Detorrid Heritage Investment Limited, on or about June 18, 2020, at Ibadan, with intent to defraud, obtained the sum of N995,000 from Bada Titilope under the false pretence of investing in Crime Alert Security Network with a promise of 30% returns in six weeks, which you knew to be false.”
Another count revealed that Amos similarly defrauded Onifade Isaac Olawale of N920,000 on January 29, 2020, under the same guise.
Amos initially pleaded not guilty, prompting the EFCC counsel, Sanusi Galadanchi, to open the case on February 17, 2022. The prosecution called eight witnesses and tendered exhibits before closing its case on January 24, 2023. A no-case submission filed by the defence was dismissed by the court, which ordered the defendant to open his case. He testified alone on behalf of himself and the company before the court reserved judgment.
On April 28, 2025, Justice Adetujoye found Amos guilty on nine counts — specifically counts 6, 16 to 19, and 21 to 24 — and sentenced him to seven years on each count. The sentences are to run concurrently, amounting to a total of 63 years. He was acquitted on the remaining 21 counts. The court also ordered restitution to the victims.
This is not Amos’s first conviction. On December 14, 2023, Justice Bayo Taiwo of the same court sentenced him to 75 years imprisonment for similar offences. He also faces two other ongoing fraud trials at the Federal High Court in Ibadan.
The EFCC said Amos defrauded investors of over N1 billion through fake investment ventures, marking a significant crackdown on financial crimes targeting unsuspecting citizens.
