Lagos Property Developer & Oak Homes Face Trial Over Alleged ₦152 Million Fraud

Lagos Property Developer Olusanya, Company Face Trial For Allegedly Defrauding US-based Engineer Of N152million

The Federal High Court, Ikoyi, Lagos State, has fixed February 10, 2025 for the continuation of trial of one Olukayode Olusanya and his company, Oak Homes Ltd, for allegedly defrauding a United States-based Nigerian engineer, Anthony Ehiedu Ugbebor, of the sum of N152million under false pretences.

The Nigeria Police Force had filed an amended four counts of alleged threat to murder, obtaining by false pretence, stealing and conspiracy before the court against the Lagos property developer and his company.

In the charge dated April 15, 2024, with suit number FHC/L/261C/2024, the police alleged that Olusanya, the Chief Executive Officer of Oak Homes Multinational Limited, allegedly conspired with the head of sales and marketing manager of Oak Homes, Lynda Umeh, who is now at large, to commit the offences.

The police said Okunsanya and Umeh connived together and offered the sale of two units of three-bedroom flats on the second floor at Oak Residence located at 14A Musa Yar’Adua Street, Victoria Island, to Anthony Ehiedu Ugbebor, a US-based engineer, under the false pretence that it was for sale.

The charge was filed before the court by the officer in charge and prosecuting counsel, Superintendent of Police Omo-Osagie M.A. from Zone 2 Police Command Headquarters, Onikan Lagos.

In the charge, the police said the alleged incident took place between November 8 and 21, 2017, and August 4, 2020.

Olusanya and Umeh were also accused of fraudulently obtaining the sum of N85,000,000 and N49,000,000, between November 21, 2017, and August 4, 2020, from the complainant, Ugbebor, through Zenith Bank Account Number 1014543701, at the Bourdillion branch, Ikoyi.

The police further alleged that Olusanya and his accomplice, Umeh, defrauded Ugbebor by inducing him to pay a total sum of N152million for the two units of the property at the Oak Residence with the promise to deliver possession on February 28, 2019, as outlined in the offer letter, but have failed to fulfil the promise to date.

Olusanya was also accused of stealing the said money from Ugbebor which was a valuable security entrusted to him and he converted the same to his personal use.

“Olukayode Olusanya, on the same date, time and place in the aforementioned Judicial Division of this Honourable Court, did conspire to murder Mr. Anthony Ehiedu Ugbebor, a resident of Valley Stream, New York 11580, United States of America whenever he steps into Nigeria for daring to report you to the EFCC and other Security Agencies,” part of the charge read.

According to the police, the offences committed contravened Sections 516A (1), 418, 390 (

(c) (d), 324 of the Criminal laws of the Federation of Nigeria, 2004 and Section 1 (3) the Advance Fee Fraud and other related offences Act 2004.

When the matter came up on November 26, 2024, the defendant, Olukayode Olusanya was present in court.

The prosecutor, Chief Superintendent of Police M.A. Omo-Osagie, told the court presided over by Justice Musa Kakaki that he was withdrawing the former three count charge in suit number FHC/L/261C/2024 and replacing it with a four count charge.

The court granted the application and ordered that the first amended charge be read to the defendants.

The first defendant, Olukayode Olusanya, took the plea for himself and on behalf of his company. The two pleaded not guilty.

The Prosecutor, Omo-Osagie Esq. urged the court, that in view of the not guilty plea, to give a trial date.

The defendant’s counsel, Agboola Adeleke, SAN, urged the court to allow his client to continue on the former bail granted him. The court granted his request.

Consequently, the court adjourned trial till 10 February, 2025.