Ex-Punch Employee Allegedly Defrauds Alumni Association Of Over ₦1.8Billion To ‘Fund Wife’s Overseas Childbirth,
A stunning tale of deception and greed has unfolded in an Ikeja High Court, where a former employee of Punch Nigeria Ltd, Olusegun Ogunbanjo, stands accused of defrauding his alma mater’s alumni association of a staggering ₦1.89 billion.
According to testimony from Mr. Olusegun Durodola, a business consultant and second prosecution witness, Ogunbanjo allegedly exploited his trusted position within the alumni association to orchestrate the massive fraud. Durodola, who has known Ogunbanjo for 39 years, revealed that the defendant used forged documents, including Local Purchase Orders (LPOs) purportedly approved by Punch Newspapers, to secure funds from unsuspecting victims.
The court heard that Ogunbanjo convinced investors, including Durodola, to put money into fictitious business ventures, promising lucrative returns. In one instance, Ogunbanjo allegedly sent a fake email from the chairman of Punch Newspapers, offering Durodola a role as Director of Strategy.
A Lavish Lifestyle Funded by Fraud
Investigations revealed that Ogunbanjo used the misappropriated funds to finance a lavish lifestyle, including purchasing luxury cars like a Mercedes-Benz and Bentley, which he claimed were official vehicles from Punch Newspapers. He also allegedly used the funds to build houses, buy cars, and cover his wife’s overseas childbirth expenses.
The prosecution alleged that Ogunbanjo defrauded another victim, Mr. Olushola Ikuyajesin, of ₦500 million and $50,000 under similar pretences. Ikuyajesin reportedly flew to Nigeria to investigate when Ogunbanjo began offering excuses, only to discover the extent of the fraud.
Consequences and Controversy
The fraudulent scheme has not only caused significant financial losses but also led to the primary witness, Durodola, losing his job as a managing director of a prominent communications company.
Ogunbanjo has pleaded not guilty to the eight-count charge, which includes conspiracy to commit felony, obtaining under false pretences, stealing, and forgery. The trial has been adjourned until February 11, 2025, for continuation.
As the case unfolds, it raises important questions about the safety of organisational investments and the need for robust internal controls to prevent such massive frauds.
Source: SR
