Olukayode Olusanya, CEO Of Oak Homes, To Be Arraigned On November 26 For Theft

A Federal High Court in Lagos has scheduled the arraignment of property developer Olukayode Olusanya and his company, Oak Homes Limited, for November 26, 2024.

The Nigeria Police have filed five charges against Olusanya, alleging murder threats, obtaining by false pretences, theft, and conspiracy. The charges, dated April 15, 2024, and listed under suit number FHC/L/261C/2024, claim that Olusanya conspired with Lynda Umeh, the head of sales and marketing at Oak Homes, who is currently at large.

According to the police, Olusanya and Umeh falsely offered to sell Mr Anthony Ehiedu Ugbebor—an engineer based in the United States—two units of three-bedroom flats at Oak Residence, located at 14A Musa Yar’Adua Street, Victoria Island. This fraudulent offer occurred between November 8 and 21, 2017, and August 4, 2020.

The police allege that the pair fraudulently obtained N85,000,000 and N49,000,000 from Ugbebor through a Zenith Bank account at the Bourdillion branch in Ikoyi.

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They are accused of inducing Ugbebor to pay a total of N152 million for the two units, promising to deliver possession by February 28, 2019, which they have failed to do.

Olusanya is also accused of stealing the funds entrusted to him by Ugbebor and converting them for his personal use. The charges include serious allegations of conspiracy to murder Ugbebor if he were to return to Nigeria after reporting Olusanya to the Economic and Financial Crimes Commission (EFCC) and other security agencies.

The offences allegedly violate Sections 516A (1), 418, 390 (8) (c) (d), and 324 of the Criminal Laws of the Federation of Nigeria, 2004, as well as Section 1 (3) of the Advance Fee Fraud and Other Related Offences Act 2004.

The arraignment originally scheduled for Tuesday could not proceed because the presiding judge was on national assignment. The case has been adjourned until November 26, 2024, for the defendants’ arraignment