An Ikeja High Court has heard how a former employee of Punch Nigeria Ltd, Mr Olusegun Ogunbanjo, allegedly orchestrated a N1.89 billion fraud that left several investors, including members of his school’s alumni association, financially ruined.
Testifying as the second prosecution witness, Mr Olusegun Durodola, a business consultant and former schoolmate of the defendant, provided detailed accounts of how the alleged fraud unfolded.
Justice Ismail Ijelu presided over the proceedings.
Mr Ogunbanjo, who is facing charges of conspiracy, forgery, and obtaining funds under false pretences, allegedly used forged documents and impersonated executives of Punch Nigeria Ltd to solicit investments.
According to Mr Durodola, the defendant claimed to be the managing director of Punch Nigeria Ltd and presented fake Local Purchase Orders (LPOs) to convince investors that their funds were intended for company projects, including staff accommodations.
The witness revealed that he personally invested N5 million based on Mr Ogunbanjo's assurances but later discovered the funds had been diverted for personal use.
“He also impersonated Punch executives, sending fake emails, including one offering me a role as Director of Strategy,” Mr Durodola stated.
He further disclosed that another investor, Mr Olusola Ikuyajesin, was defrauded of N500 million and $50,000.
Investigations revealed that Mr Ogunbanjo allegedly used the funds for luxury expenses, including overseas childbirth for his wife and purchasing high-end vehicles.
The prosecution, led by the Director of Public Prosecution (DPP), Dr Babajide Martins, accused Mr Ogunbanjo of defrauding investors between January 2017 and December 2022.
The alleged offences contravene Sections 411, 314, 285, 287, and 365 of Lagos State Criminal Law (2015).
Despite pleading not guilty, Mr Ogunbanjo admitted during police investigations to fabricating the documents used to deceive investors.
The case, initially filed in June 2024, has faced delays, including the death of the defendant’s previous counsel.
Justice Ijelu has adjourned the trial to February 11, 2025, for continuation.
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