On August 25, 2025, a Lagos State High Court in Ikeja sentenced Sulaiman Olayiwola Gbajabiamila, a mortgage banker, to 20 years in prison for defrauding a client of N31 million in a property scam.
Justice I. O. Ijelu delivered the verdict, convicting Gbajabiamila on seven charges, including stealing, obtaining money by false pretenses, forgery, and retaining proceeds of crime.
The Economic and Financial Crimes Commission (EFCC) arraigned Gbajabiamila on September 19, 2023, after he allegedly swindled Lateef Ayo Adeyemo, who paid N31 million for a two-bedroom apartment in Lagos Homes, Iponri.
Investigations revealed that Gbajabiamila diverted the funds for personal use, failing to deliver the property. He also forged a Sterling Bank manager’s cheque worth N10 million to deceive the victim.
Despite pleading not guilty, Gbajabiamila faced a full trial. The prosecution, led by Abdulhamid L. Tukur, presented two witnesses and key documents that proved his guilt.
The defense, represented by T. E. Gbado, pleaded for leniency, citing Gbajabiamila’s remorse and status as a first-time offender.
However, Justice Ijelu imposed a firm sentence: five years for stealing (with a N1 million fine option), seven years for obtaining by false pretenses, two years each for three forgery counts (each with a N1 million fine option), two years for using false documents (with a N200,000 fine option), and four years for retaining crime proceeds (with a N500,000 fine option).
The case began when an estate agent, Lukman, introduced Adeyemo to Gbajabiamila for the property purchase.
The victim’s attempts to secure the apartment failed, exposing the banker’s fraudulent actions.
This ruling underscores the EFCC’s commitment to tackling financial crimes and serves as a warning to others in Lagos’s real estate sector.
