The Economic and Financial Crimes Commission (EFCC) has secured a significant victory in the fight against financial fraud with the conviction of Olaniyan Gbenga Amos, a serial investment scammer, and his company, Detorrid Heritage Investment Limited.
Justice Olusola Adetujoye of the Oyo State High Court, sitting in Ibadan, sentenced Amos to a cumulative 63 years in prison on Monday, April 28, 2025, for multiple counts of advance fee fraud involving fake investment schemes worth over ₦1 billion.
30 Charges of Investment Fraud
The EFCC’s Ibadan Zonal Directorate had arraigned Amos and his company on a 30-count charge bordering on obtaining money under false pretenses — a violation of Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.
Amos was accused of tricking unsuspecting investors by promising a 30% return on investment within six weeks through an organization called Crime Alert Security Network. However, the investments were non-existent, and the representations were entirely fraudulent.
Key Examples from the Charges:
- Count 21: Amos fraudulently obtained ₦995,000 from Bada Titilope on June 18, 2020, claiming it was for investment registration with a 30% return in 30 working days.
- Count 6: On January 29, 2020, he defrauded Onifade Isaac Olawale of ₦920,000 under the same pretense.
EFCC Presents Solid Case
Amos pleaded not guilty to all charges during his initial court appearance on December 14, 2021. The prosecution, led by EFCC Counsel Sanusi Galadanchi, presented eight witnesses and submitted multiple documentary exhibits labeled Exhibits A–H.
After the prosecution closed its case in January 2023, Amos filed a “no-case submission”, which was overruled by the court. He later testified as a lone witness on behalf of himself and his company on October 17, 2024.
Conviction and Sentencing
On April 28, 2025, Justice Adetujoye delivered the final judgment:
- Amos was convicted on 9 counts: 6, 16, 17, 18, 19, 21, 22, 23, and 24.
- He received 7 years imprisonment for each count, to run concurrently, amounting to a total sentence of 63 years.
- The court discharged and acquitted him on 21 counts due to insufficient evidence.
- Additionally, the judge ordered restitution to the defrauded victims.
A Repeat Offender
This is not Amos’ first encounter with justice. On December 14, 2023, Justice Bayo Taiwo, also of the Oyo State High Court, sentenced him to 75 years in prison for a similar investment scam involving hundreds of victims.
Furthermore, the convicted fraudster is currently facing two ongoing criminal trials at the Federal High Courts in Ibadan, related to additional financial crimes under investigation by the EFCC.
Fraud Scheme Worth Over ₦1 Billion
Investigations revealed that Amos operated an elaborate scam network under the name Detorrid Heritage Investment Limited, luring victims with promises of unrealistic profits through fake investment channels. The fraud affected numerous individuals across the region, with estimated losses exceeding ₦1 billion.
The EFCC disclosed that the convict exploited the trust of the public, collecting large sums of money under the guise of investment, only to divert the funds for personal use.
EFCC Reaffirms Commitment to Fighting Fraud
The conviction of Olaniyan Gbenga Amos is a landmark ruling in Nigeria’s crackdown on advance fee fraud, also known as “419 scams.” It underscores the EFCC’s dedication to protecting investors and restoring confidence in the country’s financial system.
