The Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Directorate, has arraigned Yusuf Ademola Oyepeju before the Oyo State High Court in Ibadan over an alleged N13.7 million property fraud.
Oyepeju was arraigned on Wednesday, August 19, 2026, before Justice Olusola Adetujoye alongside two companies allegedly linked to him, Alwajeez International Nigeria Limited and AIN Homes and Property Limited.
They face a six-count charge bordering on forgery, uttering of documents, stealing by conversion and obtaining money under false pretence involving a total sum of N13,697,900.
According to the prosecution, the alleged victim, Fasasi Amidu Bayonle, a Nigerian Islamic cleric based in Dubai, met Oyepeju through a WhatsApp group created for Muslims and dedicated to the propagation of Islamic teachings. Both men reportedly served as tutors on the platform.
EFCC alleged that Oyepeju subsequently built a relationship of trust with Bayonle and presented himself as a property developer capable of assisting him with acquiring land and developing property in Ibadan.
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.
The charge reads in part: “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.”
According to the commission, the alleged offence amounted to stealing by conversion, contrary to Section 390(9) of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.
Oyepeju pleaded not guilty to all the counts after they were read to him in open court.
Following his plea, prosecution counsel, Sanusi Galadanchi, requested a date for trial and urged the court to remand the defendant in a correctional facility pending the commencement of proceedings.
Defence counsel, B. Ajibola, however, told the court that a bail application had already been filed and served on the prosecution. He consequently urged 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.
EFCC’s allegations trace the dispute back to 2018, when Oyepeju reportedly approached Bayonle for financial assistance to secure accommodation for himself and his newly married wife in Ibadan.
Bayonle allegedly agreed to assist him financially but, while arranging the funds, offered Oyepeju temporary use of his unoccupied house at No. 3, Road 7, Ikumapayi area of Olodo, Ibadan.
According to the prosecution, Bayonle had relocated to the United Arab Emirates and left the property unoccupied, giving Oyepeju permission to stay there temporarily while arrangements were made for his accommodation.
Investigators alleged that Oyepeju, having gained access to the property, later persuaded Bayonle to send money for the purchase of land and construction of another house in Ibadan.
Bayonle subsequently transferred N8,697,900 to Oyepeju for the proposed property acquisition and development, the commission alleged.
Rather than use the funds for the stated purpose, Oyepeju allegedly forged a “Transfer of Agreement” document purporting to transfer ownership rights in the property.
Investigations further allegedly revealed that the house he had been allowed to occupy temporarily was subsequently sold to companies described by the EFCC as fictitious companies linked to him, with the proceeds allegedly converted to his personal use.
The commission also alleged that Oyepeju failed to fulfil his undertaking to purchase land and develop a property for Bayonle despite receiving the money for that purpose.
The case has now moved into the judicial phase, with the court expected to determine the defendant’s bail application before substantive trial proceedings begin. Oyepeju remains presumed innocent until proven guilty by a court of competent jurisdiction.
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