A 19-year-old boy, Olaniyan Taoheed, found himself before a Magistrate's Court in Osogbo, Osun State, on Monday, January 12, 2026, facing charges of fraud. He is accused of orchestrating a Ponzi scheme that defrauded a 16-year-old secondary school student of a staggering N326,000.
The Deceptive Investment Trap
According to the police prosecutor, Inspector Kayode Adepoju, the young defendant posed as an investor and manipulated the teenage girl into a fraudulent online investment scheme. The court heard that Taoheed gained initial contact with the victim through a school-related WhatsApp group. He allegedly lured her with promises of high returns on small investments.
The mother of the girl, Baruwa Augustine Oluwabukola, testified that she had immediately warned her daughter after learning about the interaction. "I told her to block him immediately because I knew it was a scam," Oluwabukola stated. Despite this parental warning, the teenager proceeded to transfer N2,000 from her personal account after the suspect promised a return of N25,000.
How The Scam Escalated
When the girl demanded her profit, Taoheed reportedly claimed there was a technical issue with the investment platform. He then urged her to reinvest more funds to "unlock" the returns. This deceptive tactic was repeated multiple times, leading the victim to dip into her mother's account.
"It was shocking to discover that the money had been going out in small portions until it added up to N324,000," the distressed mother told the court. In total, the family lost N326,000 to the scheme. Inspector Adepoju confirmed that police investigations established that the defendant received all the funds and used false promises of quick profit to exploit the teenager's trust.
Court Proceedings and Magistrate's Ruling
Olaniyan Taoheed was arraigned on a two-count charge of obtaining money under false pretence and stealing, offences contrary to Sections 419 and 390(9) of the Criminal Code, Laws of Osun State, 2003. During the hearing, the defendant informed the court that he had refunded N200,000 to the prosecutor and had spent part of the remaining money on a smartphone.
Presiding Magistrate, Olusegun Ayilara, faulted the 16-year-old girl for seeking get-rich-quick schemes and advised her mother to provide better guidance. He also strongly condemned the defendant's actions, warning that fraudulent practices cannot replace hard work.
Magistrate Ayilara assured the complainant that the court would work to ensure the recovery of the outstanding money. He granted the defendant bail in the sum of N500,000 with one surety in the like amount. The case was adjourned till February 19, 2026. The magistrate ordered that Taoheed be remanded in a correctional centre if he fails to meet the bail conditions.
