The Federal High Court in Lagos has fixed October 27 and 28, 2026, to rule on whether four offer letters allegedly showing attempts to resell disputed properties are admissible in the ongoing trial of property developer Olukayode Olusanya and his company, Oak Homes Limited, over an alleged ₦152 million property fraud.
Justice Musa Kakaki fixed the dates on Monday after hearing arguments from the prosecution and defence concerning the documents, which the nominal complainant alleged showed that the same apartments he paid for were subsequently offered to other prospective buyers at significantly higher prices.
At the resumed proceedings, prosecuting counsel, Chief Superintendent of Police Monday Omo-Osagie, informed the court that the matter was scheduled for continuation of trial and that the prosecution was ready to call its third witness.
The prosecution first moved a motion on notice dated July 7 and filed on July 8, 2026. Counsel to Olusanya, Adeleke Agboola, SAN, and counsel to Oak Homes, Jude Ehiedu, did not oppose the application, prompting Justice Kakaki to grant it as prayed.
The prosecution thereafter called the nominal complainant, Anthony Ugbebor, who narrated how he entered into the property transaction and later petitioned the Assistant Inspector-General of Police, Zone 2 Command, Lagos, on December 10, 2023, after concluding that the transaction had allegedly been fraudulently handled.
Ugbebor told the court that he entered into an agreement with Olusanya in November 2017 after receiving assurances that Oak Homes was a reputable developer capable of delivering a retirement home for him in Nigeria.
He said he accepted the offer by signing and returning the agreement through email before making payments in accordance with the terms of the contract.
According to the witness, the agreement was structured as a performance-milestone contract, meaning that payments were to be made upon the satisfactory completion and verification of various stages of construction.
“The contract was structured as a performance milestone contract. In other words, the contract was based on verifiable, satisfactory and completed work at various stages of the project from start to finish,” he testified.
Ugbebor said he made four payments between November 2017 and December 2020, totalling ₦152 million, representing 80 per cent of the ₦190 million purchase price for two flats on the second floor of the development.
He told the court that the money represented his life savings and was equivalent to approximately $400,000 at the prevailing exchange rates.
“I mentioned dollars because my income is in dollars. After the payment, the defendant started acting in a suspicious manner, basically taking my patience and simplicity for stupidity,” he said.
The witness testified that the project was expected to be delivered by February 28, 2019, but construction allegedly stalled. He said he consequently sent a representative to inspect the site on October 11, 2022.
When Ugbebor began recounting conversations involving the representative, Agboola objected, arguing that the testimony amounted to hearsay because the witness could only testify about matters within his personal knowledge.
“He can only testify as to what he did and not what someone else did,” the senior lawyer submitted.
Justice Kakaki observed that the evidence appeared to be hearsay. Omo-Osagie, however, argued that the Evidence Act recognised exceptions under which hearsay evidence could be admitted and urged the court to allow the testimony.
Ugbebor further said repeated attempts to contact Olusanya through telephone calls and emails were unsuccessful, leading him to suspect that the transaction had become fraudulent.
“It now occurred to me that it appears the defendant is embarking on fraudulent activities. It was based on this that I reported the matter to the police,” he said.
He alleged that the defendants claimed to have sold the properties without his consent and that he later discovered several offer letters indicating that the same apartments had been marketed to other buyers at substantially higher prices.
According to him, one offer letter dated January 10, 2024, placed the total price of the properties at ₦1.230 billion, while another dated January 11, 2024, quoted ₦950 million.
