EFCC: Yusuf Oyepeju Arraigned for N13.6M Property Fraud

• The EFCC's Ibadan Zonal Directorate has arraigned Yusuf Oyepeju and his two companies before the Oyo State High Court on six counts of property fraud.
• Oyepeju is accused of defrauding an Islamic cleric, Fasasi Bayonle, of N13,697,900.00 through forgery, stealing by conversion, and obtaining money under false pretence.
• The alleged scheme involved Oyepeju temporarily occupying Bayonle's house, then forging documents to sell it to his own companies and failing to purchase new land as promised.
• Oyepeju pleaded "not guilty" to the charges and has been remanded in Agodi Correctional Centre pending a bail application hearing.

This arraignment of Yusuf Oyepeju for property fraud, involving a significant sum of N13.6 million, underscores the Economic and Financial Crimes Commission's unwavering commitment to combating financial crimes across Nigeria.

The Economic and Financial Crimes Commission (EFCC), specifically its Ibadan Zonal Directorate, has brought charges against Yusuf Oyepeju before Justice Olusola Adetujoye at the Oyo State High Court in Ibadan. Oyepeju faces a six-count charge, alongside his two companies, Alwajeez International Nigeria Limited and AIN Homes and Property Limited. The charges encompass serious financial offenses including forgery, uttering of documents, stealing by conversion, and obtaining money under false pretence, collectively amounting to N13,697,900.00.

During the court session, Oyepeju entered a plea of "not guilty" to all charges presented against him. Following this, the prosecution counsel, Sanusi Galadanchi, requested the court to set a date for the commencement of the trial and sought an order for Oyepeju's remand in a Correctional facility.

Conversely, the defense counsel, B. Ajibola, informed the court that a bail application had already been filed and served on the prosecution. The defense attorney urged the court to grant bail to his client. After considering the submissions, Justice Adetujoye adjourned the proceedings to hear the bail application and ordered that Oyepeju be remanded at the Agodi Correctional Centre.

The allegations against Yusuf Oyepeju stem from an interaction with an Islamic cleric, Fasasi Bayonle, a Nigerian residing in Dubai. The two individuals initially connected through a WhatsApp group dedicated to Muslim teachings, where both served as tutors. This digital acquaintance reportedly paved the way for the alleged property fraud.

According to the EFCC's statement, the sequence of events began around 2018 when Oyepeju allegedly sought financial assistance from Bayonle to secure accommodation in Ibadan for himself and his newly married wife. In response, Bayonle, who was in the process of raising funds, offered Oyepeju temporary use of his own unoccupied house located at No. 3, road 7, Ikumapayi area of Olodo, Ibadan, Oyo State, which he had previously inhabited before relocating to the United Arab Emirates.

Leveraging his self-proclaimed status as a property developer, Oyepeju took possession of Bayonle's house. He then allegedly persuaded Bayonle to transfer additional funds, specifically N8,697,900.00, with the promise of using the money to purchase land and construct another house for him in Ibadan. However, subsequent investigations revealed that Oyepeju allegedly failed to fulfill this commitment. Instead, he is accused of forging a "Transfer of Agreement" document and subsequently selling the house he was temporarily occupying to his own companies, converting the proceeds for his personal benefit.

The six-count charge against Yusuf Oyepeju and his companies highlights several serious offenses under Nigerian law. These include forgery, which involves creating false documents, and uttering of documents, which refers to presenting such forged documents as genuine. A significant part of the accusation is "stealing by conversion," specifically citing Section 390(9) of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004. This particular charge alleges that Oyepeju converted N8,697,900.00 belonging to Fasasi Bayonle for his personal use between February and August 2020.

Furthermore, Oyepeju faces charges of obtaining money under false pretence, a common legal framework used to prosecute individuals who acquire funds through deceptive means. The EFCC's Ibadan Zonal Directorate, through its Head of Media and Publicity, Dele Oyewale, underscored the gravity of these allegations, which collectively amount to a substantial N13.6 million fraud.

The court's decision to remand Oyepeju in the Agodi Correctional Centre pending the hearing of his bail application reflects the standard judicial process in cases involving serious financial crimes. The prosecution's insistence on a trial date and remand, coupled with the defense's immediate move for bail, sets the stage for a legal battle that will delve into the specifics of the alleged property fraud and the digital interactions that facilitated it.

This arraignment of Yusuf Oyepeju for property fraud, involving a significant sum of N13.6 million, underscores the Economic and Financial Crimes Commission's unwavering commitment to combating financial crimes across Nigeria. The EFCC's Ibadan Zonal Directorate is actively pursuing cases that involve complex schemes, particularly those leveraging digital platforms and personal trust, as seen in the interaction between Oyepeju and his alleged victim, Fasasi Bayonle.

The case serves as a crucial reminder of the risks associated with property investments and transactions, especially when dealing with individuals met online. The charges of forgery, stealing by conversion, and obtaining money under false pretence highlight common methods employed in such fraudulent activities. The EFCC's proactive stance in bringing such cases to the Oyo State High Court aims to deter similar offenses and protect citizens from sophisticated scams.

The focus on the EFCC arraigns Yusuf Oyepeju property fraud case also emphasizes the need for enhanced due diligence in all property dealings. It signals to the public and legal professionals alike that authorities are vigilant against those who exploit trust and digital connections for illicit financial gain, reinforcing the importance of verifying credentials and legal documentation in real estate transactions.

This arraignment underscores the EFCC's continued focus on prosecuting property-related financial crimes, particularly those involving significant sums and digital interactions. Lawyers and compliance officers should advise clients on enhanced due diligence for property investments and transactions, especially with individuals met online, to mitigate risks of forgery, conversion, and obtaining money under false pretences, and be aware of the specific charges under the Criminal Code Act.

Source: Original reporting via PUNCH Newspaper