Court Adjourns N152M Fraud Trial Of Olukayode Olusanya, Oak Homes Ltd To February 2025

The Federal High Court in Ikoyi, Lagos, presided over by Justice Musa Kakaki, has adjourned the trial of Olukayode Olusanya and his company, Oak Homes Ltd, to February 10, 2025. The defendants are accused of defrauding Anthony Ehiedu Ugbebor, a U.S.-based Nigerian, of N152 million under false pretenses.

During the hearing on November 26, 2027, the prosecution, led by Chief Superintendent of Police M.A. Omo-Osagie, withdrew the initial three-count charge and introduced a four-count amended charge against Olusanya and his company. The court accepted the amendment, and the charges were read to the defendants, who both pleaded not guilty.

According to the amended charge, Olusanya, CEO of Oak Homes Ltd, along with Lynda Umeh, who is currently at large, allegedly conspired to obtain N152 million from Ugbebor under the guise of selling two three-bedroom flats at “The OAK Residence” in Victoria Island, Lagos. The properties were never delivered, despite the promise made in an offer letter dated November 6, 2017.

Defense counsel Adeleke Agboola (SAN) requested that Olusanya be allowed to remain on his previous bail, a request the court granted. The prosecutor urged the court to fix a trial date, leading to the adjournment.

Key Charges
Conspiracy to commit fraud under the Advance Fee Fraud Act.
Obtaining money under false pretenses by offering undelivered property.
False inducement and misrepresentation related to the sale of the flats.
Theft of N152 million, which was allegedly converted to personal use.

Case Details
Case Name: Inspector-General of Police v. Olukayode Olusanya & Oak Homes Ltd
Case No.: FHC/L/261C/2024
Court: Federal High Court, Ikoyi, Lagos
Judge: Justice Musa Kakaki
Next Hearing Date: February 10, 2025

The trial will examine whether the defendants violated provisions of the Advance Fee Fraud & Other Related Offences Act and the Criminal Code Act, with potential penalties if found guilty.