EFCC arraigns man over alleged N13.7m property fraud

Nkereuwem Effiong

The Economic and Financial Crimes Commission (EFCC) has arraigned Yusuf Ademola Oyepeju before the Oyo State High Court in Ibadan over alleged property fraud involving N13.7 million.

Oyepeju was arraigned alongside two companies, Alwajeez International Nigeria Limited and AIN Homes and Property Limited, on counts bordering on forgery, uttering, stealing by conversion and obtaining money under false pretences.

According to a statement issued by the EFCC Head of Media and Publicity, Dele Oyewale, the Ibadan Zonal Directorate brought the charges before Justice Olusola Adetujoye on Wednesday, 19 August 2026.

Oyewale said the defendant was accused of defrauding an Islamic cleric, Fasasi Amidu Bayonle, a Dubai-based Nigerian, of money and property valued at N13,697,900.

The EFCC said Oyepeju met Bayonle through a WhatsApp group created for Muslims to share Islamic teachings, where both men served as tutors.

One of the counts alleged that Oyepeju and the two companies, between February and August 2020, within the jurisdiction of the court, converted N8,697,900 belonging to Bayonle to their personal use.

The alleged offence, according to the charge, contravened Section 390(9) of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.

Oyepeju pleaded not guilty to all six counts.

Following his plea, EFCC counsel, Sanusi Galadanchi, asked the court to adjourn the case for trial and prayed that the defendant be remanded in a correctional facility.

Defence counsel, B. Ajibola, however, told the court that a bail application had been filed and served on the prosecution, urging the judge to admit his client to bail.

Justice Adetujoye subsequently adjourned the matter for hearing of the bail application and ordered that Oyepeju be remanded at Agodi Correctional Centre.

Oyewale said the case originated in 2018, when Oyepeju allegedly approached Bayonle for financial assistance to secure accommodation for himself and his newly married wife in Ibadan.

Bayonle, who had relocated to the United Arab Emirates, reportedly allowed Oyepeju to temporarily occupy his unoccupied house at No. 3, Road 7, Ikumapayi area of Olodo, Ibadan, while he raised funds to assist him with accommodation.

The EFCC alleged that Oyepeju, who had presented himself as a property developer, later persuaded Bayonle to send money for the purchase of land and construction of another house in Ibadan.

Bayonle subsequently transferred N8,697,900 to Oyepeju for the proposed land acquisition and development, according to the commission.

Oyewale said investigations allegedly revealed that Oyepeju instead forged a “Transfer of Agreement” document relating to the property and sold the house entrusted to him for temporary use to companies linked to him.

He was further accused of converting the proceeds of the alleged sale for personal use and failing to fulfil his promise to acquire and develop another property for Bayonle after receiving the funds.

The EFCC said the alleged transactions uncovered during its investigation formed the basis of the charges against Oyepeju and the two companies.

Oyewale added that the defendant would remain in custody pending the determination of his bail application.