Mortgage Banker Jailed 20 Years for N31m Property Fraud

Lagos State High Court has sentenced Sulaiman Olayiwola Gbajabiamila, a mortgage banker, to 20 years imprisonment for defrauding a client of N31 million in a property scam. The judgment was handed down on Monday by Justice I.O. Ijelu in Ikeja following prosecution by the Economic and Financial Crimes Commission (EFCC).

ADVERTISEMENT

Gbajabiamila faced a seven-count charge including stealing, obtaining money under false pretenses, forgery, and retaining proceeds of crime. He was found guilty of accepting N31 million from Lateef Ayo Adeyemo in 2021 for a two-bedroom flat purchase that was never delivered, with the funds diverted for personal use.

Despite pleading not guilty and seeking leniency as a first offender, the court convicted him. The sentence comprises five years for stealing (N1 million fine option), seven years for obtaining by false pretenses, two years each for three forgery charges (N1 million fine option each), two years for using false documents (N200,000 fine option), and four years for retaining crime proceeds (N500,000 fine option). The prosecution relied on witness testimonies and documentary evidence to secure the conviction.