The unfolding scandal has cast a shadow over the credibility of the property market, raising concerns about trust and transparency in an industry once seen as a pillar of opportunity for local and international investors.
Following the sensational N152 million fraud trial involving Olukayode Olusanya, Chairman and CEO of Oak Homes Ltd, at the Federal High Court in Ikoyi, Lagos, which has been adjourned to February 10, 2025. The high-profile case has gripped the public after explosive allegations emerged, including fraud, theft, and even a chilling threat to murder a U.S.-based Nigerian engineer, Anthony Ehiedu Ugbebor.
According to court documents, Olusanya and Lynda Umeh, Oak Homes’ former head of sales and marketing, now mysteriously at large; allegedly conspired to deceive Ugbebor into purchasing two luxury flats at Oak Residence, located at 14A Musa Yar’Adua Street, Victoria Island. The transaction, which took place between 2017 and 2020, reportedly saw Ugbebor part with N152 million under the false promise that the flats would be delivered by February 28, 2019.
The police, represented by Superintendent of Police M.A. Omo-Osagie, claimed that Olusanya and Umeh connived to collect N85 million and N49 million through a Zenith Bank account in Ikoyi but failed to deliver the property as agreed. Instead, Olusanya allegedly converted the funds to his personal use, leaving Ugbebor high and dry.
The scandal took a darker turn when it was revealed that Olusanya allegedly conspired to murder Ugbebor for daring to report him to the EFCC and other security agencies. The charge reads: “You conspired to murder Mr. Anthony Ehiedu Ugbebor, a resident of Valley Stream, New York, USA, whenever he steps into Nigeria for reporting you to authorities.”
When the case resumed on November 26, 2024, drama unfolded as the prosecution, led by Omo-Osagie, replaced the initial three-count charge with a four-count amended charge. Olusanya, appearing for both himself and Oak Homes Ltd, pleaded not guilty to all allegations.
His counsel, Agboola Adeleke, SAN, successfully appealed for Olusanya to remain on his existing bail. Justice Musa Kakaki granted the request and adjourned the case, setting the new trial date for February 10, 2025.
The courtroom revelations have sparked public outrage, with many questioning the unchecked influence of prominent developers in Lagos’s luxury property market. Meanwhile, Oak Homes Ltd, once considered a top-tier real estate player, now finds itself at the center of one of the biggest property fraud scandals in recent memory.
As the trial looms, Nigerians wait with bated breath to see if justice will be served in a case that has exposed the alleged dark underbelly of real estate dealings in the country come February 2025.
