The Economic and Financial Crimes Commission has arraigned Yusuf Ademola Oyepeju before the Oyo State High Court in Ibadan over allegations involving forgery, stealing by conversion and obtaining money under false pretence totalling N13.697 million.
Oyepeju was arraigned alongside two companies, Alwajeez International Nigeria Limited and AIN Homes and Property Limited, on a six-count charge before Justice Olusola Adetujoye. The arraignment was conducted by the EFCC’s Ibadan Zonal Directorate on August 19, 2026.
The case centres on allegations involving an Islamic cleric and Dubai-based Nigerian, Fasasi Amidu Bayonle, whom the EFCC said Oyepeju met through a WhatsApp group created for Muslims and Islamic teachings.
According to the allegations presented in court, the matter dates back to 2018, when Oyepeju reportedly sought assistance from Bayonle to secure accommodation for himself and his newly married wife in Ibadan.
The EFCC said Bayonle, who was preparing to relocate to the United Arab Emirates, allowed Oyepeju to temporarily occupy an unoccupied house belonging to him in the Ikumapayi area of Olodo, Ibadan, while he arranged alternative accommodation.
The commission further alleged that Oyepeju presented himself as a property developer and subsequently persuaded Bayonle to provide funds for the purchase of land and construction of another house in Ibadan.
Bayonle allegedly transferred N8.697 million to Oyepeju for that purpose. The EFCC said the promised land purchase and development did not take place despite the payment.
Investigators further alleged that Oyepeju later forged a document described as a “Transfer of Agreement” and used it in connection with the house he had been allowed to occupy temporarily.
The commission also alleged that the property was subsequently sold to companies linked to Oyepeju and that the proceeds were converted for personal use.
One of the six charges specifically accused Oyepeju and the two companies of converting N8.697 million belonging to Bayonle between February and August 2020. The allegation forms part of the wider N13.697 million value attached to the charges.
When the charges were read to him, Oyepeju pleaded not guilty.
Following his plea, EFCC counsel Sanusi Galadanchi asked the court to adjourn the matter for trial and requested that the defendant be remanded in a correctional facility.
The defence counsel, B. Ajibola, told the court that a bail application had already been filed and served on the prosecution and asked the judge to grant the defendant 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 further proceedings.
The allegations have not been established by the court. Oyepeju remains presumed innocent unless and until he is proven guilty through the judicial process.
The case also highlights the potential risks associated with informal property arrangements, particularly where ownership documents, financial transfers and agreements are not independently verified.
Property transactions involving large sums of money generally require careful documentation and appropriate legal checks to establish ownership and protect the interests of all parties involved.
For the court, the immediate issue is the defendant's bail application, while the substantive allegations will have to be tested through evidence as the proceedings continue.
The prosecution will be required to establish its allegations to the standard required by law, while the defendant and his companies will have the opportunity to challenge the case presented against them.
The matter therefore remains ongoing, with the next significant development expected to come from the hearing of the bail application and subsequent trial proceedings.
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