EFCC Arraigns Man Over Alleged N13.7m Property Fraud in Ibadan

The Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Directorate, has arraigned a man, Yusuf Ademola Oyepeju, before the Oyo State High Court, 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 a six-count charge bordering on forgery, uttering of documents, stealing by conversion and obtaining money under false pretence.

The alleged offences involved the sum of N13,697,900 belonging to an Islamic cleric and Dubai-based Nigerian, Fasasi Amidu Bayonle.

The defendant was arraigned on Wednesday, August 19, 2026, before Justice Olusola Adetujoye.

According to the EFCC, Oyepeju allegedly met Bayonle through a WhatsApp group created for Muslims and dedicated to the propagation of Islamic teachings, where both men served as tutors.

The commission alleged that Oyepeju later sought financial assistance from Bayonle in 2018 to secure accommodation for himself and his newly married wife in Ibadan.

Bayonle, who was then living in the United Arab Emirates, allegedly offered Oyepeju temporary use of his unoccupied house at No. 3, Road 7, Ikumapayi area of Olodo, Ibadan, while he raised money for the accommodation.

The EFCC alleged that Oyepeju, who had presented himself as a property developer, subsequently took possession of the house and convinced Bayonle to send money for the purchase and development of another property in Ibadan.

The commission said Bayonle consequently transferred N8,697,900 to Oyepeju for the proposed land purchase and development.

However, investigations allegedly revealed that Oyepeju forged a “Transfer of Agreement” document purportedly between himself and Bayonle and subsequently sold the house he had been allowed to occupy temporarily to companies allegedly controlled by him.

The proceeds from the alleged sale were reportedly converted for his personal use, while the promised purchase and development of another property for Bayonle was allegedly never fulfilled.

One of the charges 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.”

Oyepeju pleaded not guilty to all the charges when they were read to him.

Following his plea, the prosecution counsel, Sanusi Galadanchi, urged the court to adjourn the matter for trial and prayed that the defendant 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, urging the court 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 the Agodi Correctional Centre.

The case is expected to proceed with the hearing of the defendant’s bail application before the commencement of trial.