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US-Based Nigerian Engineer Tells Court Oak Homes Boss Took His Life Savings, Tried To Resell Apartments After Value Soared
US-Based Nigerian Engineer Tells Court Oak Homes Boss Took His Life Savings, Tried To Resell Apartments After Value Soared
NEWS
The Nigerian Record
7/28/20263 min read
A United States-based Nigerian engineer on Monday told the Federal High Court in Lagos how the Executive Director of Oak Homes Limited, Olukayode Olusanya, collected his life savings to build two luxury apartments but later attempted to resell the same properties to other buyers after their value appreciated significantly.
The engineer, Anthony Ugbebor, testified before Justice Musa Kakaki that he invested N152million —about 80 per cent of the agreed purchase price for two second-floor apartments—after trusting Oak Homes as a reputable real estate developer.
He alleged that despite paying the huge sum, the apartments were never delivered and were instead allegedly put back on the market at prices running into hundreds of millions of naira more than the original contract value.
The court subsequently fixed October 27, 2026, to rule on whether four controversial offer letters allegedly issued by Oak Homes and Olusanya, which prosecutors say show attempts to resell the disputed apartments, can be admitted as evidence in the ongoing criminal trial.
Justice Kakaki adjourned the case after hearing extensive submissions from both the prosecution and defence on the admissibility of the documents.
The prosecution contends that the offer letters demonstrate that the defendants attempted to market apartments already substantially paid for by Ugbebor to prospective buyers at far higher prices.
The criminal trial arises from allegations that Olusanya and Oak Homes Limited collected N152million from Ugbebor for two luxury apartments that were never delivered before allegedly attempting to sell the same properties to other buyers.
Testifying as the prosecution's third witness, Ugbebor, who travelled from the United States to attend the proceedings, told the court that he entered into an agreement with Olusanya in November 2017 under what he described as a "performance milestone contract," in which payments were tied to verified stages of construction.
Led in evidence by prosecuting counsel, CSP Monday Omo-Osagie, the witness said he made payments between November 2017 and December 2020, amounting to N152million out of the agreed purchase price of N190million, equivalent to approximately $400,000 at the prevailing exchange rate.
"I gave the developer my life savings after staying in America for over 38 years," Ugbebor told the court.
"After the payment, the defendant started acting in a suspicious manner, basically taking my patience and simplicity for stupidity."
According to him, the apartments were due for delivery on February 28, 2019, but the project stalled and was never completed.
He said repeated efforts to obtain updates from the developer proved unsuccessful, prompting him to send a representative to inspect the project site in October 2022.
However, defence counsel, Chief Adeleke Agboola (SAN), objected to that aspect of the testimony on the ground that the witness was merely relaying information supplied by another person.
Justice Kakaki upheld the objection and ruled that the evidence amounted to hearsay.
Ugbebor further testified that after several failed attempts to recover either his investment or the apartments, he petitioned the Assistant Inspector-General of Police, Zone 2 Command, Lagos, on December 10, 2023.
He accused Olusanya of attempting to reclaim and resell the apartments despite receiving substantial payment for them.
According to the witness, by December 15, 2024, Oak Homes had allegedly begun marketing the same apartments for N560million each.
He also referred to additional offer letters dated January 10, January 11 and February 5, 2024, which allegedly quoted prices of N1.23billion for the two apartments, N950million, and N360million per apartment, respectively.
"The defendant is trying to forcefully expel me from my property, reclaim it, put it back in the market at a price determined by him, sell the properties and put the money in his pocket all without my consent," Ugbebor alleged.
During Monday's proceedings, the witness's petition to the police and receipts documenting payments made to Oak Homes were admitted into evidence without objection from the defence.
The proceedings, however, became contentious when the prosecution sought to tender the four disputed offer letters allegedly issued on Oak Homes' official letterhead.
Agboola opposed the application, arguing that the documents failed to satisfy the provisions of the Evidence Act.
He submitted that Ugbebor neither authored nor received the letters and therefore lacked the legal standing to tender them in evidence.
The senior advocate further argued that three of the documents were photocopies whose original makers had not been called to testify.
He also contended that because the documents were allegedly created in 2024, after both civil and criminal proceedings had commenced, they were inadmissible under Section 83 of the Evidence Act.
Counsel representing Oak Homes Limited, Jude Ehiedu, aligned himself with the objections raised by the first defendant.
In response, prosecuting counsel Omo-Osagie urged the court to admit the documents, arguing that they were central to establishing the prosecution's allegations.
He maintained that the offer letters bore Oak Homes' official letterhead and were signed by Olusanya, adding that their admissibility was supported by Section 15 of the Evidence Act and several Supreme Court decisions.
After hearing submissions from both sides, Justice Kakaki reserved ruling on the admissibility of the disputed documents until October 27, 2026, the same date fixed for the continuation of trial.
Olusanya and Oak Homes Limited are facing criminal charges arising from allegations of obtaining money under false pretences, fraud and the disputed sale of luxury apartments.
The defendants have denied any wrongdoing and continue to challenge the prosecution's evidence as the trial progresses.