Business consultant Mr. Olusegun Durodola has testified before an Ikeja High Court on Tuesday, detailing how Olusegun Ogunbanjo, a former employee of Punch Nigeria Ltd, allegedly defrauded their old school’s alumni association in a multi-million naira investment scam.
Durodola, the second prosecution witness, explained that he had known Ogunbanjo for 39 years, having attended the same school. He provided evidence during his testimony, led by Director of Public Prosecution, Dr. Babajide Martins.
The case, which began on June 21, 2024, involves eight charges against Ogunbanjo and other co-defendants, including conspiracy, obtaining money under false pretenses, stealing, and forgery. Ogunbanjo has pleaded not guilty.
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The co-defendants in the case, ID/21559C/2023, include Olawunmi Ogunbanjo, Vaneloo International Ltd, Valeco Global Ventures, Bagco Garba, Taofeek Ogunbanjo, Ifeanyi Odogwu, Bound Media Ltd, and Godwin Benson.
Durodola testified that Ogunbanjo used his trusted position within the alumni association to orchestrate the fraud, raising concerns about the safety of the organisation’s investments.
The case involves allegations that Ogunbanjo convinced individuals to invest in non-existent business ventures by forging documents, including Local Purchase Orders (LPOs), supposedly approved by Punch Newspapers. He allegedly used these fake LPOs to secure funds from unsuspecting victims, claiming they were for staff accommodation or supplies.
Durodola recounted how Ogunbanjo convinced him to invest N5 million by offering profit-sharing opportunities, even sending a forged email from the chairman of Punch offering him a role as Director of Strategy.
During investigations, Ogunbanjo reportedly admitted to the police that he had forged the LPOs and used the funds for personal expenses, such as building houses, purchasing cars, and funding his wife’s overseas childbirth.
The court also learned that Ogunbanjo defrauded Mr. Olushola Ikuyajesin of N500 million and $50,000 through similar fraudulent schemes. Ikuyajesin traveled to Nigeria to investigate when Ogunbanjo began making excuses, only to uncover the extent of the fraud.
Further testimony revealed that Ogunbanjo had misappropriated a total of N1.89 billion from investors, using the money to fund a lavish lifestyle, including purchasing luxury cars like a Mercedes-Benz and Bentley, which he falsely claimed were official vehicles from Punch Newspapers.
The fraudulent activities caused significant financial losses, with Durodola losing his job as managing director of a communications company. Prosecutors allege that the offences occurred between January 2017 and December 2022 in Ikorodu, Lagos State. Ogunbanjo is accused of stealing N417 million from Durodola Balogun and N581 million from Ikuyajesin, among other amounts.
Defence counsel Ms. M.A. Abia-Bassey requested an adjournment to familiarize herself with the case after the defendant’s previous lawyer, Mr. T.E. Okeke, tragically passed away in a car accident.
Justice Ismail Ijelu adjourned the trial until February 11, 2025, for continuation.
