A police witness on Tuesday testified against Mr. Olukayode Olusanya, CEO of Oak Homes Limited before the Federal High Court in Lagos over an alleged N152 million fraud case.
Olusanya and his company were accused of defrauding U.S.-based engineer Anthony Ugbebor of the sum in a failed property transaction.
According to the police charge, Olukayode Olusanya and the company allegedly collected the money between November 2017 and August 2020 for two three-bedroom apartments in Victoria Island, Lagos, which were never delivered by the promised date of February 28, 2019.
The prosecution further alleges that Olusanya conspired with Lynda Umeh, the company’s Head of Sales and Marketing—who remains at large.
Testifying at the latest hearing, Assistant Superintendent of Police Egho Amiebelomo confirmed that the case involves charges of conspiracy, fraud, obtaining under false pretences, and stealing.
Olusanya and Oak Homes were arraigned on November 26, 2024, and both pleaded not guilty.
At the February 10, 2025 session, the court ruled to admit the complainant’s petition as Exhibit A, while rejecting the defendant’s statement for failing to meet Section 17(2) of the Administration of Criminal Justice Act.
Amiebelomo, the first prosecution witness, stated that additional witnesses presented documents including a payment receipt and offer letter from Oak Homes dated 2017.
Under cross-examination, he confirmed receiving Ugbebor’s petition on December 27, 2023, and personally taking the complainant’s statement.
However, he admitted he was unaware that Olusanya had reportedly refunded ₦110 million through the EFCC and also didn’t know about a pending civil case—Suit No. LD447LMW/2023—before the Lagos High Court, which allegedly granted a pre-emptive injunction against Ugbebor and the EFCC.
Defence counsel Adeleke Agboola (SAN) argued the matter was civil in nature, but the prosecution, led by Supol M.A. Omo-Osagie, maintained it was criminal due to the alleged fraudulent intent. Citing legal precedents and Section 135 of the Evidence Act, the prosecution urged the court to dismiss the defence’s objection.
When asked whether the property site was completed, Amiebelomo said it was not. He testified that Olusanya admitted he could no longer honor the original deal due to rising costs but did not cite COVID-19 or any government-imposed sealing as reasons for the delay.
The case was adjourned until July 8, 2025, for continuation of trial.
