EFCC Arraigns Man Over Alleged N13.6m Property Fraud In Ibadan

The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Yusuf Ademola Oyepeju, over alleged forgery, stealing by conversion and obtaining money by false pretence involving N13.7m in Ibadan, Oyo State.

Oyepeju was arraigned alongside two companies, Alwajeez International Nigeria Limited and AIN Homes and Property Limited, before Justice Olusola Adetujoye of the Oyo State High Court on Wednesday, August 19, 2026.

The EFCC said the defendants face a six-count charge involving N13,697,900 allegedly belonging to Fasasi Amidu Bayonle, an Islamic cleric and Dubai-based Nigerian whom Oyepeju allegedly met through a WhatsApp group created for Muslims and Islamic teachings.

According to the Commission, Bayonle had previously lived in Ibadan before relocating to the United Arab Emirates and allowed Oyepeju, who had recently married, to temporarily occupy his unoccupied house while he raised money to secure accommodation.

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

Bayonle allegedly transferred N8,697,900 to Oyepeju for the proposed land purchase and development.

The Commission alleged that Oyepeju later forged a “Transfer of Agreement” document and used it to facilitate the sale of Bayonle’s house to companies allegedly controlled by him, before converting the proceeds for his personal use.

The EFCC further alleged that Oyepeju failed to fulfil his promise to purchase and develop land for Bayonle despite receiving the money.

One of the charges accused Oyepeju and his companies of converting N8,697,900 belonging to Bayonle to their personal use between February and August 2020.

Oyepeju pleaded not guilty to all six counts when they were read to him.

Following his plea, EFCC counsel, Sanusi Galadanchi, asked the court to adjourn the matter for trial and urged 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 and urged the court to grant his client bail.

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

The allegations against Oyepeju have not been established by the court, and he remains presumed innocent until proven guilty.