The Travails of Oak Homes’ Boss, Olukayode Olusanya

Olukayode Olusanya, Chairman of Oak Homes Limited, entered the nation’s real estate sector with a bang!  His coming at the time caused a stir in the sector, as he delighted stakeholders with beautiful promises.

He started on a good note, as his firm smiled to the bank after successfully delivering housing units across Lagos State and beyond. But it appears there is a twist of fortune for the man once considered one of the top property developers in the country.

He is reportedly involved in a scandal that could cast a shadow over his credibility, and raise concerns about trust and transparency he was hitherto known for. A source revealed that the scandal is bad enough that it has almost become a blot on his profile.

As gathered by Society Watch, Olusanya has been dragged to the Federal High Court in Ikoyi, Lagos over a N152 million fraud by a US-based Nigerian engineer, Anthony Ehiedu Ugbebor. According to court documents, Olusanya and Lynda Umeh, Oak Homes’ former head of sales and marketing, allegedly conspired to deceive Ugbebor into purchasing two luxury flats at Oak Residence, located at 14A Musa Yar’Adua Street, Victoria Island. The transaction, which took place between 2017 and 2020, reportedly saw Ugbebor part with N152 million under the false promise that the flats would be delivered by February 28, 2019.

The police, represented by Superintendent of Police M.A. Omo-Osagie, claimed that Olusanya and Umeh connived to collect N85 million and N49 million through a Zenith Bank account in Ikoyi but failed to deliver the property as agreed. Instead, Olusanya allegedly converted the funds to his personal use, leaving Ugbebor in a helpless situation.

When the case resumed on November 26, 2024, a mild drama unfolded as the prosecution, led by Omo-Osagie, replaced the initial three-count charge with a four-count amended charge. Olusanya, appearing for both himself and Oak Homes Limited, pleaded not guilty to all allegations.

His counsel, Agboola Adeleke, SAN, successfully appealed for Olusanya to remain on his existing bail. Justice Musa Kakaki granted the request and adjourned the case, setting the new trial date for February 10, 2025.