The Chief Executive Officer of property firm Oak Homes Limited, Olukayode Olusanya, has denied receiving any letter from the Economic and Financial Crimes Commission (EFCC) inviting him to collect a bank draft of N102 million from the Commission.
During cross-examination before Justice Akingbola George of the Lagos State High Court, Olusanya stated, "I did not receive any letter or call from the EFCC asking me to come and collect the bank draft."
Olusanya and his company, Oak Homes Limited, are the claimants in suit LD/4471LM/2023 filed against Nigerian-American engineer Anthony Ugbebor and the EFCC over an alleged dispute regarding the ownership of a property valued at N152 million.
While under cross-examination by EFCC counsel E.S. Okondu, Olusanya admitted making a statement at the EFCC but claimed it was not voluntary. "I only went to the EFCC with a payment plan because that was the condition they gave me for my release after I was detained for three days, but there was a demand on me to make a refund that was the condition for my release," he testified.
Olusanya confirmed attending a meeting on August 28, 2023, with the EFCC and other parties involved in the dispute. According to him, the EFCC had acknowledged during the meeting that the matter was civil and advised both parties to settle out of court.
When asked whether he brought a bank draft of N102 million to the EFCC, Olusanya responded affirmatively. "I did bring a draft of N102m to the EFCC's office, but that money is no longer mine to take," he said.
The EFCC's counsel stated that pursuant to the August 28 meeting, the Commission wrote a letter dated September 13, 2023, asking Olusanya to collect the draft. However, the witness maintained he never received it. When shown the letter in court, Olusanya said, "I am not aware of any such letter. I did not receive it." He also confirmed that the bank draft was still with the EFCC.
Following the cross-examination, Justice George adjourned the matter to October 20, 2025, for trial continuation and for the defense to open its case.
Related Criminal Proceedings
In a related criminal case before Justice Musa Kakaki of the Federal High Court, Lagos, the second prosecution witness, stockbroker Shehu Yakubu, testified about financial transactions involving Olusanya and Oak Homes Limited.
Yakubu said he first met Olusanya in 2017 through his friend, Anthony Ugbebor. "Ugbebor brought Olusanya to my office and introduced him as the CEO of Oak Homes," Yakubu told the court. "He said Olusanya offered him two flats at Musa Yar'Adua, Victoria Island, Lagos."
Led in evidence by Chief Superintendent of Police Monday Omo-Osagie, Yakubu said he made payments on behalf of Ugbebor to Oak Homes. "The first payment of N85m was made on November 21, 2017, to a Zenith Bank account on Bourdillon belonging to Oak Homes. A second payment of N49.5m was made on August 4, 2020, to the same Oak Homes account," he testified.
According to Yakubu, the receipts for both payments were acknowledged and emailed to him by Ugbebor. The court admitted Yakubu's statement and the letter from his office detailing the transactions as Exhibits 2 and 3 respectively, following no objection from the defense counsel, Adeleke Agboola, SAN.
However, when the prosecution sought to tender photocopies of the payment receipts, Agboola objected, citing non-compliance with Section 84 of the Evidence Act. Justice Kakaki subsequently dismissed the document sought to be tendered.
Under cross-examination by Oak Homes' counsel, Jude Ehiadu, Yakubu said he did not play any other role in the transaction beyond making the payments. "I didn't play any other role after the payment and I don't know what happened after the disbursement," he said.
Justice Kakaki adjourned the criminal trial to July 19, 2025, for continuation of the hearing.
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