Ex-Punch Staff Accused of ₦1.8 Billion Scam—Allegedly Funded Wife’s Luxury Childbirth, Bentley, Lavish Lifestyle

A former Punch Nigeria Ltd employee, Olusegun Ogunbanjo, is facing trial at the Ikeja High Court for allegedly defrauding his school’s alumni association and other investors of over ₦1.8 billion. The prosecution claims he used the funds to finance a lavish lifestyle, including purchasing luxury cars and funding his wife’s overseas childbirth.

During Tuesday’s hearing, business consultant Olusegun Durodola testified that Ogunbanjo exploited his trusted position within the alumni association to orchestrate the fraudulent scheme. Durodola, who has known the defendant for 39 years, told the court that Ogunbanjo misled investors by forging Local Purchase Orders (LPOs) purportedly approved by Punch Newspapers. These documents were allegedly used to convince victims to invest in non-existent business ventures.

The case, which began on June 21, 2024, involves eight counts, including conspiracy, obtaining under false pretenses, stealing, and forgery. Ogunbanjo, along with co-defendants such as Olawunmi Ogunbanjo, Vaneloo International Ltd, Valeco Global Ventures, and others, has pleaded not guilty.

Prosecutors presented evidence suggesting Ogunbanjo falsely claimed to be the Managing Director of Punch Newspapers and used fake emails to lure investors. One witness recounted how the defendant promised profit-sharing opportunities and even offered a fake job role as Director of Strategy at Punch.

The court heard that Ogunbanjo admitted to police investigators at the Lagos State Criminal Investigation Department (CID) in Panti that he had forged all the LPOs and spent the money on personal expenses, including real estate and luxury vehicles. He allegedly defrauded another investor, Olushola Ikuyajesin, of ₦500 million and $50,000. Ikuyajesin, upon suspecting foul play, flew to Nigeria and uncovered the extent of the fraud.

The prosecution further claimed that between January 2017 and December 2022, Ogunbanjo stole ₦417 million from Durodola Balogun and ₦581 million from Ikuyajesin. His fraudulent activities reportedly led to significant financial losses for victims, with one witness even losing his job as a managing director of a communications firm.

Following the sudden death of Ogunbanjo’s former lawyer, Mr. T.E. Okeke, in a car accident, the new defence counsel, M.A. Abia-Bassey, requested more time to review the case. Justice Ismail Ijelu has adjourned the trial until February 11, 2025.