Delay in Fraud Trial as Court Reserves Ruling on Evidence
The Federal High Court in Lagos has postponed its decision regarding the admissibility of crucial documentary evidence until October 27, 2026, in the ongoing criminal trial of real estate developer Olukayode Olusanya and his firm, Oak Homes Limited. They are facing charges related to an alleged N152 million real estate fraud.
Arguments Presented on Potential Evidence
Presiding Judge Musa Kakaki scheduled the date following detailed arguments from both the prosecution and defense concerning the relevance of four offer letters that allegedly indicate efforts by the defendants to resell the disputed property. The prosecution contends that Olusanya and Oak Homes engaged in fraudulent activities involving two luxury apartment buildings for which the complainant had already made payments totaling NOK 152 million. The defendants, however, maintain their innocence.
Testimony from the Complainant
During the latest court session, Chief Superintendent of Police (CSP) Omo-Osagie called upon a new witness, Engineer Anthony Ugbebor. Mr. Ugbebor made a special trip from the United States to testify. He revealed that on December 10, 2023, he had filed a petition with the Assistant Inspector General of Police, Zone 2 Command in Lagos, after suspecting fraudulent activities related to the property transaction managed by Olusanya.
Contractual Details and Allegations of Fraud
In his testimony, Ugbebor explained that he signed a contract with Oak Homes in November 2017, enticed by the company’s reputation for providing quality retirement homes in Nigeria. He recounted that he agreed to the terms of the contract and made payments as outlined, noting the contract’s structure hinged on achieving specific construction milestones. Ugbebor disclosed that over four installments between November 2017 and December 2020, he paid a total of N152 million, which represented 80% of the agreed total price of N190 million for the two apartments.
Concerns Over Suspicious Activity
Ugbebor remarked that the funds he paid corresponded to his life savings, roughly valued at USD 400,000 at that time. After making the payment, he began to feel uneasy about Olusanya’s actions, suspecting fraudulent intent. He expressed his frustrations regarding the delay in the handover of the apartments, which was originally scheduled for February 28, 2019. Ultimately, Ugbebor dispatched representatives to inspect the project site in October 2022, raising concerns about ongoing communication failures with Olusanya.
Claims of Unauthorized Resales
Upon further inquiry, Ugbebor stated that the defendant claimed he had sold the apartments without his knowledge or consent. He later discovered various offer letters indicating that the same units were being marketed at significantly higher prices. The complainant alleged that by December 15, 2024, each apartment was listed for NOK 560 million, and the pricing was even higher according to subsequent offers dated January and February 2024.
Legal Complications Surrounding Evidence Submission
The proceedings turned contentious when the prosecution attempted to introduce the four offer letters as evidence. Agboola, representing the defense, objected based on the grounds that these documents did not originate from or were addressed to Ugbebor. Arguing against their admissibility, Agboola referenced section 83(1)(b) of the Evidence Act, asserting that authors of these documents needed to be called as witnesses for verification.
The defense further claimed that any documents generated during the pendency of judicial proceedings should not be accepted. Nevertheless, the prosecution argued vehemently for their inclusion, citing their relevance and the legitimacy stemming from Oak Homes’ letterhead on the offer letters.
Trial to Continue with Ruling Pending
After hearing arguments from both parties, Judge Kakaki adjourned the proceedings, stating they would reconvene on October 27, 2026, to address the admissibility of the contentious documents and to continue the trial. Prosecutors have alleged that Olusanya and Oak Homes collected N152 million from Ugbebor under a 2017 contract for the purchase of luxury apartments but subsequently failed to deliver the properties as agreed. Investigators believe the defendants then proceeded to attempt reselling these properties to other buyers at inflated prices, despite the full payment already made by Ugbebor. The trial is ongoing, with the defendants continuing to deny all allegations.
