
A business consultant, Mr Olusegun Durodola, has detailed how his former schoolmate and ex-employee of Punch Nigeria Ltd, Mr Olusegun Ogunbanjo, allegedly masterminded a multimillion-naira fraud that left numerous investors, including members of their old school’s alumni association, financially devastated.
Mr Durodola, testifying as the second prosecution witness, made the revelations at an Ikeja High Court, presided over by Justice Ismail Ijelu.
The defendant, Mr Ogunbanjo, is standing trial alongside others in a case that involves forgery, conspiracy, and obtaining funds under false pretences.
According to Mr Durodola, he and the defendant had been friends for 39 years, having attended the same school.
He recounted how Mr Ogunbanjo misrepresented himself as the managing director of Punch Nigeria Ltd, allegedly using forged documents and fake emails to establish credibility.
“Ogunbanjo claimed he had the authority of Punch to construct in-house staff accommodations after the death of a staff member.
“He presented Local Purchase Orders (LPOs) purportedly issued by Punch to solicit investments,” Mr Durodola said.
He added that investigations revealed the LPOs were forged, and Mr Ogunbanjo eventually confessed at Panti Police Station to fabricating the documents and misappropriating the funds.
The consultant testified that he initially trusted Mr Ogunbanjo because of their long-standing relationship.
Believing the defendant’s claims, he invested N5 million with the promise of profit-sharing, only to later discover the funds had been diverted for personal use.
“Mr Ogunbanjo sent me emails, including one from someone he claimed was the chairman of Punch, offering me a position as Director of Strategy. It turned out he was impersonating Punch executives,” Mr Durodola said.
The witness further revealed that the defendant collected N500 million and $50,000 from another investor, Mr Olusola Ikuyajesin.
Alarmed by delays and excuses, Mr Ikuyajesin flew to Nigeria to investigate, only to find that he had been deceived.
Mr Durodola detailed how Mr Ogunbanjo allegedly used the misappropriated funds to live a life of luxury, including sending his wife abroad for childbirth and acquiring high-end vehicles such as a Mercedes Benz 500 and Bentley, which he claimed were official cars from Punch.
The consultant also disclosed that an auditor hired to examine the defendant’s accounts uncovered that Mr Ogunbanjo had amassed N1.89 billion from multiple investors.
The defendant was first arraigned on June 21, 2024, on an eight-count charge of conspiracy, stealing, forgery, and obtaining money under false pretences. But He pleaded not guilty to all charges.
The prosecution, led by the Director of Public Prosecution (DPP), Dr Babajide Martins, accused Mr Ogunbanjo of defrauding several individuals between January 2017 and December 2022.
Specific allegations include obtaining N417 million and N581 million from Mr Durodola and Mr Ikuyajesin, respectively, under the guise of financing Punch-related contracts.
The offences, according to the DPP, contravene Sections 411, 314, 285, 287, and 365 of the Lagos State Criminal Law (2015).
During cross-examination, the defence counsel, Ms. M.A. Abia-Bassey, sought to challenge the credibility of the prosecution’s case.
However, Mr Durodola maintained that the defendant consistently misrepresented facts, diverted funds for personal expenses, and engaged in fraudulent activities.
The case, which began in June 2024, has faced delays, including the death of the defendant’s former counsel, Mr T.E. Okeke, in a car accident.
At a previous hearing, the defence requested an adjournment to familiarize itself with the case and attend to the defendant’s health concerns.
Justice Ijelu adjourned the trial to February 11, 2025, for continuation.