How Notorious Lagos Property Developer Olukayode Olusanya Allegedly Frauds US-based Engineer N152 million (Exclusive Photos)

The Federal High Court in Ikoyi, Lagos State, has scheduled February 10, 2025, for the continuation of the trial concerning Olukayode Olusanya and his company, Oak Homes Ltd, accused of defrauding US-based Nigerian engineer Anthony Ehiedu Ugbebor of N152 million through deceptive practices. 

The Nigeria Police Force submitted an amended charge consisting of four counts against the Lagos property developer and his firm, including threats to murder, obtaining money under false pretenses, theft, and conspiracy. 

In the charge, which was filed on April 15, 2024, with suit number FHC/L/261C/2024, the police alleged that Olusanya, the CEO of Oak Homes Multinational Limited, conspired with Lynda Umeh, the head of sales and marketing for Oak Homes, who is currently at large, to carry out the fraud scheme. 

The police claimed that Olusanya and Umeh colluded to offer 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, under the false pretense that they were available for sale. 

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

According to the charges, the alleged offenses occurred between November 8 and 21, 2017, as well as on August 4, 2020. 

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

The police further alleged that Olusanya and his partner Umeh deceived Ugbebor into paying a total of N152 million for the two units at Oak Residence, promising to deliver possession by February 28, 2019, as stated in the offer letter, but have yet to fulfill this promise. 

Additionally, Olusanya was accused of unlawfully taking the funds from Ugbebor, which were entrusted to him as valuable security, for his personal use. 

“On the same date, time, and place as described in the aforementioned Judicial Division of this Honourable Court, Olukayode Olusanya allegedly conspired to murder Mr. Anthony Ehiedu Ugbebor, a resident of Valley Stream, New York 11580, USA, if he ever entered Nigeria for having the audacity to report to the EFCC and other security agencies,” part of the charges stated. 

The police indicated that the actions committed violated Sections 516A (1), 418, 390 (8) (c) (d), 324 of the Criminal Laws of the Federation of Nigeria, 2004, and Section 1 (3) of the Advance Fee Fraud and Other Related Offences Act 2004. 

When the case was presented on November 26, 2024, the defendant, Olukayode Olusanya, was in attendance at the court. 

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

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

The first defendant, Olukayode Olusanya, entered a plea for himself and on behalf of his company. Both he and his company pleaded not guilty. 

The Prosecutor, Omo-Osagie Esq., requested that, given the not guilty plea, the court set a trial date. 

The defendant’s attorney, Agboola Adeleke, SAN, urged the court to allow his client to remain on the previously granted bail. The court granted this request. 

As a result, the court has scheduled the trial to resume on February 10, 2025.