Durodola revealed during the hearing that the defendant allegedly used his trusted position within the alumni association to orchestrate the fraud, raising concerns about the safety of organisational investments.
A business consultant, Mr. Olusegun Durodola, testified before an Ikeja High Court on Tuesday, narrating how Olusegun Ogunbanjo, a former employee of Punch Nigeria Ltd, allegedly defrauded their old school’s alumni association of a multi-million naira investment.
Durodola, the second prosecution witness, told the court he had known Ogunbanjo for 39 years as they attended the same school.
He provided evidence while being led by the Director of Public Prosecution, Dr. Babajide Martins.
The case, which began on June 21, 2024, involves an eight-count charge against Ogunbanjo and co-defendants, including conspiracy to commit felony, obtaining under false pretences, stealing, and forgery. Ogunbanjo has pleaded not guilty.
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 revealed during the hearing that the defendant allegedly used his trusted position within the alumni association to orchestrate the fraud, raising concerns about the safety of organisational investments.
The News Agency of Nigeria reports that a Lagos court heard allegations of a massive fraud scheme orchestrated by one Ogunbanjo, who falsely claimed to be the Managing Director of Punch Newspapers.
Testifying in court, a consultant revealed that Ogunbanjo convinced him and others to invest in fictitious business ventures by forging documents, including Local Purchase Orders (LPOs), allegedly approved by Punch Newspapers.
Ogunbanjo reportedly used the fraudulent LPOs to secure funds from unsuspecting victims, claiming they were for staff accommodation projects or purchasing supplies.
The witness recounted how Ogunbanjo persuaded him to invest N5 million after promising profit-sharing opportunities.
“He even sent me a fake email purportedly from the chairman of Punch offering me a role as Director of Strategy,” the witness said.
During investigations, Ogunbanjo reportedly confessed to the police at the Lagos State Criminal Investigation Department in Panti that he had forged all the LPOs and admitted to using the funds for personal expenses, including building houses, buying cars, and funding his wife’s overseas childbirth.
The court also learned that Ogunbanjo defrauded another victim, Mr. Olushola Ikuyajesin, of N500 million and $50,000 under similar pretences.
Ikuyajesin reportedly flew to Nigeria to investigate when Ogunbanjo began offering excuses, only to discover 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 claimed were official vehicles from Punch Newspapers.
The fraudulent scheme not only caused financial losses but also led the primary witness to lose his job as a managing director of a prominent communications company.
Prosecutors alleged that the offences occurred between January 2017 and December 2022 in Ikorodu, Lagos State.
They accused Ogunbanjo of stealing N417 million from Mr. Durodola Balogun and N581 million from Mr. Ikuyajesin, among other amounts.
Defence counsel Ms. M.A. Abia-Bassey argued for an adjournment to familiarise herself with the case after the defendant’s previous lawyer, Mr. T.E. Okeke, tragically passed away in a car accident.
However, Justice Ismail Ijelu adjourned the trial until February 11, 2025, for continuation.