Man arraigned over alleged N17.5m property fraud in Lagos

By Paul Iyoghojie

Operatives of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, have arrested and arraigned a man, Olugbenga Famurewa, before a Federal High Court in Lagos over allegations of obtaining N17.5 million from a customer under false pretences.

According to the police, Famurewa, a resident of Mile 2 Estate, Lagos, allegedly collected the sum of N17.5 million from the complainant, Olugbenga Yakubu, on the pretext of selling a three-bedroom property located at Banana Estate, Alpha Beach Road, Agungi/Chevron area of Lagos State.

The police alleged that the defendant knew the property did not belong to him at the time he negotiated the transaction.

Trouble reportedly began when the complainant visited the property to take possession after making payment. He was allegedly stopped by the rightful owner of the apartment, who informed him that the property was not for sale.

The owner was also said to have told the complainant that Famurewa had acquired the property through a mortgage arrangement and had yet to complete payment for it.

Following the development, Yakubu reportedly petitioned the Inspector-General of Police, after which the matter was referred to the Police Special Fraud Unit for investigation.

At the conclusion of the investigation, the police charged Famurewa before the Federal High Court on a two-count charge bordering on obtaining money by false pretence and issuance of dishonoured cheques.

The prosecution told the court that the alleged offences were committed in May 2024 within the jurisdiction of the Federal High Court in Lagos.

According to the prosecutor, the defendant represented to the complainant that he had a three-bedroom property available for sale, prompting the complainant to pay N17.5 million for the apartment.

The prosecution further alleged that after the complainant discovered the property was not available for sale, the defendant issued two Stanbic IBTC Bank cheques valued at N10 million and N5 million respectively as part repayment of the money.

However, when the cheques were presented for payment, they were allegedly dishonoured due to insufficient funds in the defendant’s account.

The prosecution said the alleged offences contravene Section 1(2) of the Advance Fee Fraud and Other Related Offences Act, 2006, punishable under Section 1(3) of the same Act, as well as Section 1(1)(2) of the Dishonoured Cheques Act, Laws of the Federation of Nigeria, 2004.

The defendant pleaded not guilty to the charges.

Justice Ogazi subsequently granted him bail in the sum of N3.5 million with one surety in like sum.

The case was adjourned until June 28, 2026, for the commencement of trial.