Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Ibadan Zonal Directorate of the Economic and Financial Crimes Commission has arraigned a property developer and the director of two companies over an alleged property fraud involving the sum of N13,697,900, in a case that highlights the troubling ease with which trust can be weaponised for financial gain in Nigeria’s real estate sector. Yusuf Ademola Oyepeju, alongside his companies Alwajeez International Nigeria Limited and AIN Homes and Property Limited, was brought before Justice Olusola Adetujoye of the Oyo State High Court in Ibadan on Wednesday, August 19, 2026. The defendants face a six-count charge bordering on forgery, uttering of documents, stealing by conversion and obtaining money under false pretence.
The charges stem from a relationship that began on a WhatsApp group created for Muslims to spread Islamic teachings, where both Oyepeju and the victim, Fasasi Amidu Bayonle, a Dubai-based Nigerian cleric, served as tutors. What started as a religious bond of trust would later unravel into a complex web of deceit. According to the charge sheet, the fraudulent transactions occurred between February and August 2020. One of the counts reads: “That you, Yusuf Ademola Oyepeju, Alwajeez International Nigeria Limited and AIN Homes And Properties Limited between February and August, 2020, within the jurisdiction of this Honourable Court, converted to your own personal use, the sum of N8,697,900.00, property of one Fasasi Amidu Bayonle, thereby committed an offence of stealing by conversion contrary to Section 390(9) Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.”
The narrative of the case reveals a calculated betrayal. Sometime in 2018, Oyepeju sought financial assistance from Bayonle to secure accommodation for himself and his newly married wife in Ibadan. Bayonle, in turn, promised to raise some money but offered Oyepeju the temporary use of his own unoccupied house located at No. 3, Road 7, Ikumapayi area of Olodo, Ibadan. Oyepeju, who had presented himself as a property developer, took possession of the property and convinced Bayonle to send him money to purchase land and build another house for him in Ibadan. Trusting his fellow tutor, Bayonle sent the sum of N8,697,900 to Oyepeju for the purchase and development of the land.
However, the trust was misplaced. A few months later, it was discovered that Oyepeju had allegedly forged a document of “Transfer of Agreement” between him and his victim. He then sold the house he was occupying temporarily to his own fictitious companies and converted the proceeds for his personal use. Investigations further revealed that Oyepeju reneged on his promise of purchasing land and developing it on behalf of the victim, having already received the money. The defendant, who had been a key figure in the real estate scene as chairman of Alwajeez International Nigeria Limited, had effectively used his position and the victim's generosity to orchestrate a fraud.
When the charges were read, Oyepeju pleaded “not guilty.” Following his plea, prosecution counsel Sanusi Galadanchi asked the court for a date to commence trial and prayed that he be remanded in a correctional facility. However, counsel to the defendant, B. Ajibola, informed the court that a bail application had been filed and served on the prosecution, praying the court to admit his client to bail. Justice Adetujoye subsequently adjourned the matter for the hearing of the bail application and remanded the defendant in the Agodi Correctional Centre.
The case has drawn attention to the vulnerabilities in Nigeria’s informal real estate and investment sectors, where verbal agreements and misplaced trust often pave the way for financial ruin. The EFCC, which has intensified its crackdown on property fraud, has charged Oyepeju with offences that include forgery, uttering of documents, stealing by conversion and obtaining money under false pretence. The defendant’s not-guilty plea sets the stage for a legal battle that will test the strength of the prosecution’s evidence.
The adjournment for the bail hearing means Oyepeju will remain in custody until the court decides on his application. The case, which has been adjourned to a date to be fixed by the court, is expected to be closely monitored as it proceeds to trial. The trial will determine whether the charges are proven beyond reasonable doubt. Oyepeju’s alleged actions not only defrauded a man who offered him shelter but also underscore the need for greater transparency and due diligence in property transactions and investment schemes. As the EFCC continues its work, this case serves as a stark reminder of the consequences of financial crimes and the importance of holding perpetrators accountable.
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