The Economic and Financial Crimes Commission, EFCC, on Wednesday, August 19, 2026, arraigned Yusuf Ademola Oyepeju and two companies before Justice Olusola Adetujoye of the Oyo State High Court in Ibadan over an alleged N13,697,900 property fraud involving Dubai-based Nigerian Islamic cleric Fasasi Amidu Bayonle.
Oyepeju was arraigned alongside 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.
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The case, which has now drawn the attention of the EFCC’s Ibadan Zonal Directorate, centres on allegations dating back several years and involving a property relationship that began with an act of assistance.
According to the EFCC, Oyepeju approached Bayonle in 2018 seeking financial help to secure accommodation for himself and his newly married wife in Ibadan.
Bayonle, who was preparing to relocate to the United Arab Emirates, allegedly allowed Oyepeju to temporarily occupy his unoccupied house at No. 3, Road 7, Ikumapayi area of Olodo, Ibadan, while arrangements were being made to raise money for accommodation.
The two men had reportedly met through a WhatsApp group created for Muslims and the dissemination of Islamic teachings, where both served as tutors.
The EFCC alleged that Oyepeju later presented himself as a property developer and persuaded Bayonle to provide funds for the purchase of land and construction of another house in Ibadan.
Bayonle subsequently transferred N8,697,900 to Oyepeju for that purpose, according to the commission.
The anti-graft agency alleged that the arrangement later took a dramatic turn when Oyepeju purportedly forged a “Transfer of Agreement” document involving the property.
The EFCC further alleged that Oyepeju sold the house he had been permitted to occupy temporarily to companies allegedly connected to him and converted the proceeds for personal use.
Investigators also alleged that the promised land purchase and construction did not take place despite the transfer of the N8,697,900.
One of the six counts specifically accused Oyepeju, Alwajeez International Nigeria Limited and AIN Homes and Property Limited of converting the N8,697,900 to their personal use between February and August 2020.
The alleged offence was brought under Section 390(9) of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.
Oyepeju pleaded not guilty to the charges.
Following the plea, EFCC counsel Sanusi Galadanchi asked the court to adjourn the matter for trial and requested that Oyepeju be remanded in a correctional facility.
Defence counsel B. Ajibola told the court that a bail application had already been filed and served on the prosecution, asking that Oyepeju be admitted to bail.
Justice Adetujoye subsequently adjourned the matter for hearing of the bail application and ordered that Oyepeju be remanded at Agodi Correctional Centre.
The allegations against Oyepeju remain unproven. His plea of not guilty means the prosecution must establish its case before the court, while Oyepeju remains presumed innocent unless convicted.
The Oyepeju property fraud case also highlights the potentially complicated consequences of informal trust arrangements involving property, particularly where agreements, ownership documents and financial transactions are not properly documented and independently verified.
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For now, the immediate issue before the Oyo State High Court is the defendant’s bail application, while the substantive allegations await further proceedings.
Mariam Balogun is a contributor to Freelanews.com, covering news, business, and public affairs.
