The Federal High Court in Lagos has admitted a February 5, 2024 offer letter into evidence in the ongoing trial of property developer Olukayode Olusanya and his company, Oak Homes Ltd, over an alleged ₦152 million property fraud.

Justice Musa Kakaki delivered the ruling on Tuesday, rejecting three other documents dated January 10, January 11 and December 15, 2024, because they were photocopies and the prosecution witness failed to explain the whereabouts of the originals.

The judge also adjourned the case until December 3, 2026, for a ruling on a prosecution application seeking permission for virtual proceedings on health grounds.

The dispute over the documents followed objections raised during the previous proceedings on July 20, 2026, when the prosecution sought to tender them through the nominal complainant, Anthony Ugbebor.

Court Rejects Three Documents

In his ruling, Justice Kakaki said the witness had failed to explain why the original copies of the three rejected documents were unavailable.

“One of the grounds of the objections of January 10, January 11, and December 15, 2024, was that the documents are photocopies. On July 20, 2026, the witness, through whom the documents were to be tendered, did not give any explanation of where the original documents were,” the judge said.

However, the court rejected an objection to the February 5, 2024 offer letter on the grounds that Ugbebor was not its maker.

“The document dated February 5, 2024, is hereby admitted in evidence,” Justice Kakaki ruled.

Following the decision, prosecuting counsel, Chief Superintendent of Police Monday Omo-Osagie, informed the court that he had an interim application ready for hearing and that the defendants had been served and filed responses.

Defence Challenges Prosecutor’s Status And Application

Counsel for the first defendant, Adeleke Agboola, SAN, questioned whether Omo-Osagie was still serving in the police, saying he had received information that the prosecutor had retired.

Agboola argued that the prosecutor should clarify whether he was appearing under a fiat, or formal authorisation to prosecute, and complained that his office had not received the interim application.

He also contended that the application was not ready for hearing and sought to revisit an issue the court had already decided.

“The case before the court today was a ruling and continuation of trial. He should call his witness or close his case, so that the defendant can open his case,” Agboola said.

Counsel for the second defendant, Jude Ehiedu, also asked the prosecutor to clarify his status and argued that the application amounted to an abuse of court process because the court had previously rejected a similar request.

Omo-Osagie maintained that he remained a serving police officer until he received a certificate of discharge.

He said the application was filed on September 21, 2026, and that the first defendant was served on September 30.

The prosecutor also explained that the latest application concerned the nominal complainant’s health and differed from an earlier request for virtual testimony because the witness was residing outside Nigeria.

Court Adjourns Ruling On Virtual Proceedings

Justice Kakaki said he had not seen the application in the court file and directed the prosecutor to check the registry to confirm whether it had been properly filed.

Omo-Osagie later informed the court that a search at the registry confirmed the application had been sent to the court and signed for by a registrar identified as Elizabeth.

He subsequently moved the motion on notice, dated September 18 and filed on September 21, 2026. The application was supported by a 12-paragraph affidavit and a written address.

Ehiedu objected to the prosecution’s response to the defendants’ counter-affidavits, arguing that the prosecutor had not filed a reply on points of law.

The first defendant’s counsel, Benson Nwosu, who stood in for Agboola, said the court had dismissed an earlier application on June 23, 2026, seeking virtual testimony because Ugbebor was outside Nigeria.

Nwosu argued that the prosecution should appeal the earlier decision rather than file another application seeking substantially the same relief.

He also urged the prosecution to close its case if the witness could not appear in person.

“The matter can even be adjourned sine die. It is not compulsory that the nominal complainant must testify. The prosecution should close its case so that the defendant can take a bite at the cherry,” he said.

Counsel for the second defendant adopted the first defendant’s arguments and urged the court to dismiss the application.

After hearing the parties, Justice Kakaki adjourned the case until December 3, 2026, for a ruling on the application.

Complainant Says He Paid ₦152m For Two Flats

During the previous proceedings on July 20, Ugbebor told the court that he entered into the property transaction with Olusanya in November 2017 after receiving assurances that Oak Homes was a reputable developer capable of delivering a retirement home in Nigeria.

He said he signed and returned the agreement by email before making payments in accordance with the contract.

According to Ugbebor, the agreement tied payments to performance milestones and satisfactory completion of different stages of the project.

He testified that he made four payments between November 2017 and December 2020, totalling ₦152 million. The amount represented 80 per cent of the ₦190 million purchase price for two flats on the development’s second floor.

Ugbebor described the money as his life savings, equivalent to about $400,000 at the prevailing exchange rates.

“I mentioned dollars because my income is in dollars. After the payment, the defendant started acting suspiciously, basically taking my patience and simplicity for stupidity,” he told the court.

He said the project was scheduled for delivery on February 28, 2019, but construction later stalled.

Ugbebor testified that he sent a representative to inspect the site on October 11, 2022, before petitioning the Assistant Inspector-General of Police, Zone 2 Command, Lagos, on December 10, 2023.

He said he petitioned the police after concluding that Olusanya had fraudulently handled the transaction.

The case remains ongoing, and the allegations against Olusanya and Oak Homes Ltd have yet to be determined in the final judgment.

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An Abuja High Court has sentenced Kinsley Eselebor, a staff member of the Federal Capital Development Authority (FCDA), to 25 years’ imprisonment for defrauding a land buyer with forged documents.

Justice A.O. Musa delivered the judgment on Wednesday after finding Eselebor guilty of all five counts filed against him by the Economic and Financial Crimes Commission (EFCC).

The court imposed seven years’ imprisonment on counts one, two and three, and two years on counts four and five. The sentences are to run concurrently, without the option of a fine.

Eselebor worked in the FCDA’s Department of Urban and Regional Planning and was accused of defrauding Moses Osinachi of money paid for two plots of land at Kubwa District Central Annex, Abuja.

The plots, identified as 383 and 424, were presented to Osinachi as genuine properties, although Eselebor had no valid title to transfer to him.

How FCDA Staff Defrauded Land Buyer

Evidence presented in court showed that Osinachi and Eselebor were neighbours and attended the same church.

Their relationship, combined with Eselebor’s employment at the FCDA, reportedly strengthened Osinachi’s confidence in the transaction.

The court heard that Eselebor presented two conveyance documents bearing the names Yusuf Lawan and Adegoke Asiwaju to convince the buyer that the properties were genuine.

When Osinachi sought further verification, Eselebor allegedly assured him that the documents were authentic, citing his position as an FCDA staff member.

Relying on those assurances, Osinachi transferred money from his company, Moscow International Services Limited, to Eselebor for the purchase of the plots.

However, the transaction ran into difficulty when Osinachi attempted to take possession of the properties and discovered that Eselebor had no valid title to transfer.

When confronted, Eselebor reportedly admitted that he knew the plots had rival claimants and promised to provide alternative properties. He subsequently failed to fulfil that promise.

Osinachi later demanded a refund, but the dispute remained unresolved as Eselebor’s explanations allegedly continued to change.

The buyer eventually petitioned the EFCC, which investigated the complaint and prosecuted the FCDA staff member.

EFCC Amended Charges To Five Counts

The EFCC initially filed the case in March 2021 with three counts of obtaining money under false pretences.

The charges were later amended to five counts, including allegations relating to the use of forged documents as genuine.

Following the trial, the court found Eselebor guilty on all five counts and imposed the prison sentences.

EFCC Says Judgment Will Deter Land Fraud

Reacting to the judgment, Joshua Saidi, the EFCC’s Director of Criminal Litigation and prosecution counsel, said the conviction would serve as a deterrent to land racketeering and the use of forged documents to defraud property buyers.

Saidi expressed concern that Eselebor had allegedly exploited his position at the FCDA to gain the buyer’s trust.

“This judgment has served as a deterrent to all these land racketeering, you know, these fraudsters, parading fake documents, defrauding unsuspecting victims,” he said.

“In this case, the defendant is a staff of FCDA. He paraded fake documents. And the court was also not happy with that attitude. Where is the trust? Yes, where is the trust? That means you are not safe, I’m not safe.”

The conviction highlights the risks property buyers face when dealing with questionable land documents and reinforces the importance of verifying ownership and title records with the relevant authorities before completing property transactions.

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Court Convicts 21 Companies Over Unlicensed Investment Operations

The Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission.

Justice Anyalewa Onoja-Alapa convicted and sentenced the companies following prosecution by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission.

The companies were each fined N30 million and ordered to pay an additional N200,000 for every day they committed the offence.

Full list of the 21 companies

The companies convicted by the court are:

1. Ngwuoke Daniels Technologies
2. Credio Banco Ltd
3. Digital Company Ltd
4. Co Request Capital Nigeria Ltd
5. Mega Drop Quality Stores Ltd
6. Norland Global Ltd
7. Oxford International
8. Creative Agriculture Cooperative
9. Qnet Nigeria Ltd
10. Qnet Professional Skill Academy Ltd
11. Mastermind Energy & Agro Nigeria Ltd
12. Atus West Africa Investment Company
13. Eatrich360 Farms
14. Matag Agro General Services
15. Viables X Agribusiness Ltd
16. Kwakol Markets Ltd
17. Light Shade International Ltd
18. Value Growth Ltd
19. B12 Synergy Nigeria Ltd
20. Phresh Farm Ltd
21. Omega Pro Global Resources.

Companies arraigned in September

According to the EFCC, the companies were arraigned by its Abuja Zonal Directorate on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation.

The charges were brought under Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The EFCC said the companies were accused of engaging in specialised financial business without valid licences from the Securities and Exchange Commission.

One of the charges, involving Mega Drop Quality Stores Limited, alleged that the company had engaged in the business of a financial institution without a valid licence, including advertising and operating a financial investment management business without a valid SEC licence.

A similar charge against Ngwuoke Daniels Technologies alleged that the company advertised and operated a financial investment management business without the required SEC licence.

Court proceedings

The representatives of the 21 companies were absent when the charges were read in court.

Following an application by prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies before proceedings commenced.

The EFCC said the prosecution relied on witnesses and documentary evidence contained in its proof of evidence to establish the cases against the companies.

The evidence presented included intelligence reports, statements from investigating officers, letters relating to investigation activities and responses obtained from the Corporate Affairs Commission and the Securities and Exchange Commission.

Following the presentation of the prosecution’s case, Justice Onoja-Alapa convicted the companies and imposed a N30 million fine on each.

The court also ordered each company to pay N200,000 for every day it had committed the offence.

EFCC links companies to investment fraud investigations

The EFCC said the prosecutions followed actionable intelligence linking the companies to investment fraud and the operation of investment businesses without the required licences.

According to the commission, investigators had invited promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023.

The EFCC said the invitations were not honoured.

The commission further stated that the promoters continued to evade interrogation for about five years, eventually leading to the prosecution of the companies.

The convictions underscore the requirement for businesses operating investment-related schemes in Nigeria to obtain the necessary regulatory approvals and licences before offering such services to the public.

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The Economic and Financial Crimes Commission (EFCC) has warned religious leaders against diverting tithes, offerings, zakat and other funds belonging to religious organisations into private businesses.

EFCC Chairman, Ola Olukoyede, issued the warning on Wednesday in Abuja during the 2026 Second Council Meeting of the Nigeria Inter-Religious Council (NIREC), where he urged churches and mosques to strengthen their internal financial controls.

Olukoyede said religious leaders who engage in legitimate private businesses must maintain a clear separation between their personal finances and funds entrusted to the organisations they lead.

He described the diversion of organisational funds into private businesses as criminal and said religious institutions should establish regulatory compliance mechanisms to prevent the misuse of money contributed by worshippers.

His remarks came during a wider discussion on the role of religious institutions in preventing corruption and promoting accountability in Nigeria. The meeting was held under the theme, “Shared Sacred Flourishing in Nigeria.” 

EFCC Warns Against Mixing Religious And Personal Funds

Olukoyede said there was nothing wrong with religious leaders engaging in legitimate businesses or other vocations.

However, he stressed that money belonging to a church, mosque or other religious organisation must not be mixed with the personal finances of its leaders.

He specifically cited businesses such as farming and trading as examples of legitimate activities that religious leaders could undertake separately from their religious responsibilities.

“Don’t mix the money from the purse of your organisation with that of your own personal money,” Olukoyede said.

He added that when money is paid to a religious organisation, leaders should not divert it into their private businesses.

“That’s criminal,” he said. 

The EFCC chairman said religious organisations should establish clear systems for identifying organisational funds, personal income and expenditure.

He urged religious bodies to develop regulatory compliance templates that would help their leaders and administrators understand the boundaries between institutional resources and personal finances.

Churches, Mosques Urged To Strengthen Compliance

Olukoyede called on churches, mosques and other faith-based organisations to establish financial controls capable of protecting money entrusted to them.

The recommendation is intended to ensure that funds contributed by worshippers are properly accounted for and applied for the purposes for which they were received.

The EFCC chairman said religious leaders should understand that their responsibilities extend beyond preaching against corruption.

He said their management of funds should also demonstrate the accountability and integrity they expect from their followers.

The call for stronger compliance mechanisms comes amid the EFCC’s wider engagement with religious institutions on financial crime prevention.

At the NIREC meeting, the commission also launched an Anti-Corruption Interfaith Manual designed to support Christian and Muslim religious leaders in teaching against corruption. 

Religious Leaders Have Role In Fighting Corruption

Olukoyede said religious institutions have an “extraordinary responsibility” in Nigeria’s anti-corruption efforts because of their influence over millions of followers.

He drew a distinction between the role of law-enforcement agencies and the preventive role that faith communities can play.

According to him, the EFCC can investigate suspected financial crimes and prosecute offenders, while religious institutions can influence the values and character that shape people’s conduct.

“The EFCC can investigate a person’s conduct. Faith communities can influence that person’s character,” he said. 

He said religious teachings could encourage honesty and challenge attitudes that normalise corruption.

The EFCC chairman argued that preventing corrupt behaviour before it occurs is important because law enforcement typically becomes involved after an alleged offence has already taken place.

EFCC Questions Celebration Of Unexplained Wealth

Olukoyede also criticised religious institutions that celebrate individuals whose wealth cannot be explained by their known sources of income.

He used the example of a public servant who builds an expensive religious structure far beyond what could reasonably be supported by the person’s legitimate earnings.

“A public servant says he has built a mosque that is worth more than his earnings in the next 500 years. And you go there to dedicate it. You are dedicating the proceeds of crime,” he said. 

The statement was made as part of his broader criticism of the culture of celebrating wealth without asking questions about its source.

He urged religious leaders to examine the origin of wealth associated with individuals who receive public recognition within worship centres.

The comment was not directed at a specific person in the remarks reported from the NIREC meeting.

EFCC Says Financial Crime Has No Religion

Olukoyede also stressed that financial crime does not belong to any particular religion or ethnic group.

According to him, corruption affects both Christians and Muslims because the consequences of stolen or mismanaged public resources extend across communities.

The EFCC chairman said religious differences should not prevent faith communities from cooperating in the fight against corruption.

He urged Christian and Muslim leaders to use their platforms to encourage peaceful coexistence, responsible citizenship and integrity.

The Anti-Corruption Interfaith Manual launched at the meeting was developed to assist religious leaders in communicating teachings against corruption while promoting peaceful coexistence. 

New Anti-Corruption Interfaith Manual

The Executive Secretary of NIREC, Prof. Cornelius Afebu Omonokhua, said the second edition of the anti-corruption preaching and teaching manual was developed through the Interfaith Anti-Corruption Advisory Committee of the EFCC.

The manual and accompanying facilitators’ guides are intended to help Christian and Muslim preachers communicate religious teachings against corruption.

Omonokhua said the initiative would support efforts to promote peaceful coexistence and strengthen the role of religious institutions in the fight against corruption. 

The manual therefore provides a structured component to the EFCC’s engagement with faith communities.

EFCC Recalls Earlier Religious Fund Investigations

Olukoyede also referred to previous EFCC investigations involving bodies responsible for religious pilgrimage activities.

According to reports of his remarks, he said investigators had uncovered serious financial irregularities while examining Christian and Muslim pilgrimage boards.

One account attributed to the EFCC chairman said investigators had found a case in which almost 75 per cent of government funds released for pilgrim sponsorship had allegedly been stolen by officials connected with the programme. 

However, the reports reviewed did not identify the particular pilgrimage organisation, the period involved or the officials allegedly responsible.

The claim should therefore be understood as Olukoyede’s account of previous investigative findings rather than a new judicial finding against a named individual or organisation.

His reference to those investigations was used to reinforce his call for stronger financial accountability in institutions handling funds for religious purposes.

Religious Institutions Urged To Lead By Example

The EFCC chairman said religious leaders have a responsibility to demonstrate the principles they teach.

He argued that followers often observe the conduct of their religious leaders and may model their own behaviour on it.

Olukoyede therefore urged clerics to ensure that their personal and institutional financial practices reflect the principles of honesty and accountability they preach.

He said religious institutions can help change attitudes toward corruption by challenging the idea that wealth should automatically attract admiration regardless of its source.

The EFCC’s position, as expressed at the NIREC meeting, is that faith communities can contribute to preventing corruption by influencing behaviour before financial crimes occur.

Focus On Honest Living

Olukoyede said one of the most important contributions religious leaders can make to Nigeria’s development is restoring the moral value of honest living.

He urged pastors, imams and other religious leaders to encourage followers to pursue legitimate sources of income and reject financial practices that compromise public trust.

The EFCC chairman also called for religious institutions to distinguish clearly between money belonging to their organisations and personal income belonging to their leaders.

Such separation, he said, would help strengthen accountability and reduce opportunities for misuse of funds.

The warning applies alongside the EFCC’s broader engagement with churches and mosques through NIREC and its interfaith anti-corruption programme.

A Wider Anti-Corruption Role For Faith Communities

The EFCC’s engagement with NIREC reflects a strategy that combines enforcement with prevention.

While the commission investigates suspected financial crimes, Olukoyede said religious institutions could help address the attitudes and values that allow corruption to flourish.

The Anti-Corruption Interfaith Manual is intended to provide religious leaders with guidance for communicating anti-corruption messages within their respective faith communities.

The EFCC chairman’s message also places financial accountability within religious organisations alongside the broader responsibility of religious leaders to promote ethical conduct.

For churches and mosques, the central message from the EFCC is that funds entrusted by worshippers should remain separate from the personal resources and businesses of religious leaders.

Olukoyede said religious leaders remain free to pursue legitimate private vocations, but they must maintain a clear financial boundary between those activities and the organisations they lead.

1. The EFCC’s warning comes as the commission seeks greater cooperation from faith communities in addressing corruption, financial crime and the social attitudes that can enable both.

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EFCC Detains Property Firm MD Over Disputed ₦128m Awka Land Sale

The Economic and Financial Crimes Commission has arrested Basil Iwoba Ochili, Managing Director of Debasilio Construction and Estate Development Limited, following allegations involving a ₦128 million land transaction in Anambra State.

Its Enugu Zonal Directorate said a petitioner accused Ochili of claiming ownership of five plots beside Stamford Hotel, near the state secretariat at Aroma Junction, Awka.

The complainant reportedly transferred ₦128 million into the company’s account but could not take possession.

According to the EFCC, preliminary findings suggest Ochili knew the plots belonged to the state government’s secretariat land when he offered them for sale.

The commission alleged that he subsequently issued two dud cheques instead of refunding the buyer. It also claimed that some proceeds went towards debt repayment and that his company had never complied with tax obligations.

The EFCC said prosecution would follow completion of its investigation. The allegations remain unproven in court.

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EFCC Threatens Legal Action Over Foreign-Currency Fees Charged by Lawyers

The Economic and Financial Crimes Commission has cautioned Nigerian lawyers against demanding payment from clients in foreign currencies, describing the practice as illegal and unethical.

The warning was issued by the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo, during a meeting with representatives of the Nigerian Bar Association’s Lagos Task Force on Illegal Practice of Law.

The meeting took place in Lagos on Friday, September 11, 2026. The NBA delegation was led by the head of the task force, Moshood Abiola.

Kaltungo expressed concern about practices within the legal profession that may violate Nigerian laws and established professional standards. He specifically identified the charging of clients in foreign currencies as one of the activities requiring attention.

According to the commission, lawyers found culpable of unlawful conduct could face prosecution. The EFCC official stressed that membership of the legal profession would not exempt anyone from accountability where a transaction falls within the agency’s enforcement mandate.

The engagement also provided an opportunity for the EFCC and the NBA task force to discuss closer collaboration in addressing illegal legal practice and other forms of professional misconduct.

The latest warning forms part of the commission’s broader campaign against the use of foreign currencies to price or settle domestic transactions in Nigeria.

In 2024, EFCC Chairman Ola Olukoyede issued a similar warning to schools, supermarkets, hotels and other businesses demanding payment in dollars or other foreign currencies for goods and services supplied within the country.

Olukoyede said at the time that the dollarisation of domestic transactions could amount to an offence under Nigerian law and warned that organisations engaging in the practice could be investigated and prosecuted.

The latest statement places legal practitioners under increased scrutiny and reinforces the EFCC’s position that professional fees and other domestic obligations should comply with Nigeria’s currency and financial regulations.

However, the commission’s announcement did not provide details about transactions involving international clients, cross-border legal services or other circumstances in which foreign-currency payments may be permitted.

Lawyers and clients may therefore need to consider the nature of each transaction and obtain appropriate professional guidance to ensure that their payment arrangements comply with applicable laws and regulatory requirements.

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President Bola Ahmed Tinubu has received briefings from the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Minister of Housing and Urban Development, Muttaqha Rabe Darma, on the management and disposal of houses seized by the anti-graft agency.

The meeting took place at the State House in Abuja on Tuesday, with the Presidency confirming that discussions focused on the handling of seized houses nationwide under principles of transparency and accountability.

The development places the management of recovered properties within a broader conversation about how assets recovered from corruption investigations should be handled once they come under government control.

FG Reviews Management of Seized Properties

The Presidency did not disclose details of the individual properties discussed or announce that any specific houses had been sold.

Instead, the meeting focused on the management and disposal of houses seized nationwide by the EFCC.

This distinction is important because recovered properties can remain under government control for a period before the necessary legal and administrative processes for disposal are completed.

The government has previously transferred recovered housing assets to the Ministry of Housing and Urban Development for management.

One notable example is a 753-unit housing estate in Abuja recovered from former Central Bank Governor Godwin Emefiele, which the EFCC handed over to the Housing Ministry in May 2025.

Transparency at the Centre of Disposal Process

The Presidency said the management and disposal process would be guided by transparency and accountability.

That is particularly important when dealing with properties recovered through financial-crime investigations because the assets represent public-interest recoveries.

A transparent disposal process would help establish how properties are valued, who can purchase them, how sales are conducted and how proceeds are accounted for.

It could also reduce concerns about recovered assets being transferred or sold below their market value.

Housing Assets Could Have Wider Impact

The involvement of the Housing Ministry also raises a broader question about how recovered residential properties can contribute to Nigeria’s housing needs.

Rather than viewing seized houses only as assets to be sold, government could potentially consider how some properties can support existing housing programmes, depending on their legal status and applicable government policy.

This could be particularly relevant in Abuja and other major cities where housing demand remains high and property prices continue to rise.

However, any decision to retain, convert, transfer or sell recovered properties would need to comply with the relevant legal and asset-disposal procedures.

Earlier Recovery of 753 Housing Units

The Federal Ministry of Housing and Urban Development previously took delivery of the 753-unit Abuja estate recovered by the EFCC from Emefiele. The handover was part of efforts to place recovered housing assets under the management of the housing authorities.

The estate provides an example of the potential scale of residential assets that can enter government control through asset-recovery processes.

Its eventual use or disposal therefore has implications beyond the recovery of proceeds from financial crimes.

The Bigger Housing Question

The latest meeting highlights an important issue for Nigeria’s housing sector: what should government do with residential properties recovered through corruption investigations?

Selling them could generate revenue for government, while retaining or integrating some properties into housing programmes could potentially expand the available housing stock.

Either approach requires clear valuation, transparent procedures and public accountability.

For the housing sector, the most important issue will be ensuring that recovered properties are not allowed to become another category of underutilised or abandoned government assets.

The Tinubu administration’s review therefore creates an opportunity to establish a clear framework for managing recovered housing assets, while ensuring that the public interest remains central to their eventual disposal or utilisation.

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A faction of JonahCapital Nigeria Limited has called on the Economic and Financial Crimes Commission (EFCC) to examine an alleged $300 million investment linked to the River Park Estate project in Abuja.

The group wants the anti-graft agency to confirm whether the money entered Nigeria and whether developers used it to fund the estate’s infrastructure.

Dr Adeniran Olatokunbo Ogunmuyiwa, a founding director and shareholder of JonahCapital, raised the concerns in a letter to the Minister of the Federal Capital Territory, Nyesom Wike.

The dispute forms part of an arbitration case reportedly before the International Chamber of Commerce (ICC) in Paris.

JonahCapital Faction Disputes Funding Claim

Ogunmuyiwa disputes claims linked to Ghanaian businessman Samuel Esson Jonah that more than $300 million went into infrastructure at River Park Estate.

He said JonahCapital did not provide funding or infrastructure for the development.

Ogunmuyiwa also questioned the authority of the group pursuing the arbitration to act for JonahCapital. He said a dispute over the company’s ownership has led to competing corporate records.

According to him, the people behind the arbitration do not represent the legitimate owners or directors of the company.

The claims remain disputed. The other parties involved may contest them.

EFCC Petition Seeks Financial Records

The Nigerian faction later petitioned the EFCC over the River Park dispute. The commission reportedly received the petition on August 11.

The petition asks the agency to examine allegations of fraud, impersonation and false representations linked to the project.

The petitioners also want the EFCC to trace the alleged $300 million investment.

They asked investigators to review Certificates of Capital Importation, bank statements and foreign remittance records. They also listed Central Bank of Nigeria records, foreign exchange documents, investment agreements and audited accounts.

The group wants investigators to establish the source of the alleged funds. It also wants them to identify the Nigerian accounts that received the money.

Group Questions How Money Was Used

The petitioners said the alleged investment should have a clear financial record if the $300 million entered Nigeria.

They want the EFCC to determine the dates of the transfers and the amounts involved. They also want the agency to establish how the money allegedly funded the River Park project.

The petition names Samuel Esson Jonah, Kojo Mensah and other people said to have links with the arbitration.

The Nigerian faction also asked investigators to examine documents and claims submitted in the ICC proceedings.

Paulo Homes Named in Funding Dispute

The faction claims that Paulo Homes Limited financed major parts of River Park Estate.

It said the company provided funds for activities linked to the development. These allegedly included payments to indigenous communities, road construction and water infrastructure.

The group also made claims about Jonah’s previous position in JonahCapital. It alleged that he failed to provide capital he had agreed to contribute after joining the company as a shareholder.

It further alleged that Jonah lost his shareholder position around 2008.

The claims have not been independently verified.

Arbitration Follows Lease Agreement Dispute

The River Park dispute concerns Plot 4, Cadastral Zone E30, Lugbe West, Abuja.

The property is now known as River Park Estate.

The dispute followed the termination of a Development Lease Agreement involving JonahCapital Nigeria Limited and the Federal Capital Development Authority (FCDA).

The claimants reportedly maintain that the agreement remains valid until 2030.

FCT Minister Nyesom Wike has confirmed that Nigeria faces arbitration proceedings over the property.

What the Case Means for Abuja Real Estate

The dispute raises important questions about funding, ownership and development rights in major housing projects.

Large property developments need clear agreements and traceable financial records. They also depend on secure land rights and strong relationships between developers and public authorities.

Any prolonged dispute can create uncertainty for investors and other parties connected to a project.

For Abuja’s housing sector, the River Park case also highlights the need for clear project structures. Investors and homebuyers need confidence that developers have the legal and financial capacity to complete major projects.

The ownership dispute within JonahCapital, the alleged $300 million investment and the Development Lease Agreement remain contested.

The ongoing arbitration, along with any investigation by Nigerian authorities, could provide further clarity on the issues surrounding River Park Estate.

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The Economic and Financial Crimes Commission (EFCC) has urged the Lagos State Real Estate Regulatory Authority (LASRERA) to strengthen enforcement against fraudulent estate agents. The anti-graft agency also advised the regulator to create a denylist for individuals and companies found guilty of real estate fraud.

The recommendation came during a meeting between the Acting Zonal Director of EFCC Lagos Zonal Directorate II, ACE I Bawa Usman Kaltungo, and the Permanent Secretary of the Lagos State Ministry of Housing, Engineer Abdulhafis Gbolahan Toriola. Senior officials from LASRERA also attended the meeting.

Kaltungo said stronger regulation would help protect homebuyers, investors and property developers. He also called for regular information sharing between both agencies to improve investigations and enforcement.

EFCC Offers Investigative Support

The EFCC said it will continue to support LASRERA with investigations into fraudulent property transactions. Kaltungo explained that closer cooperation would help identify offenders faster and ensure they face prosecution under the law.

He also praised LASRERA for implementing the Lagos State Real Estate Regulatory Authority Law 2022. According to him, the law has created a stronger foundation for regulating the real estate industry in Lagos.

The commission disclosed that it is handling several cases involving alleged fake estate agents and property-related fraud. These cases involve individuals and organisations accused of misleading members of the public through illegal real estate transactions.

Lagos Reaffirms Commitment to Transparency

Engineer Abdulhafis Gbolahan Toriola said the Lagos State Government remains committed to promoting transparency, accountability and professionalism in the property market.

He noted that stronger collaboration with the EFCC would improve compliance with existing regulations. He added that the partnership would also increase public confidence in buying, selling and investing in property across the state.

Both organisations agreed to deepen their cooperation as part of efforts to reduce criminal activities within the real estate sector.

Why Stronger Regulation Matters

Property fraud remains a major challenge in Nigeria’s housing sector. Many buyers lose money through fake land sales, forged documents, multiple sales of the same property and unregistered estate operators.

These practices weaken investor confidence and slow the growth of the housing market. They also create risks for mortgage lenders, developers and genuine estate professionals.

Industry experts have consistently argued that stronger regulation can improve transparency and attract more investment into Nigeria’s real estate sector. Better enforcement can also encourage responsible housing development and strengthen consumer protection.

As Lagos continues to expand, effective regulation will play an important role in creating a safer property market. Closer cooperation between regulators and law enforcement agencies could help reduce fraud and improve confidence in real estate transactions across the state.

The post EFCC Urges LASRERA to Tighten Oversight, Denylist Fraudulent Estate Agents appeared first on Housing TV Africa.

The Lagos State Government has entered into a partnership with the Economic and Financial Crimes Commission (EFCC) to strengthen efforts against fraud and other illegal activities in the state’s real estate sector. The collaboration aims to improve transparency, protect property buyers and investors, and restore public confidence in land and housing transactions.

Speaking during a stakeholders’ engagement, state officials said the partnership will focus on identifying fraudulent real estate schemes, investigating land-related financial crimes, and strengthening enforcement against individuals and organisations involved in property scams. The initiative is also expected to enhance information sharing between both institutions to improve regulatory oversight.

The government noted that the rapid growth of Lagos’ real estate market has created opportunities for fraudulent land transactions, fake property allocations, multiple sales of the same property, forged land documents, and unregistered estate developments. Authorities said stronger collaboration with the EFCC will help reduce these practices and improve accountability across the sector.

Officials also urged prospective property buyers and investors to carry out proper due diligence before purchasing land or housing units. They advised members of the public to verify property ownership, confirm land titles with relevant government agencies, and engage qualified legal and real estate professionals before completing transactions.

The EFCC reaffirmed its commitment to investigating and prosecuting financial crimes within the real estate industry, stressing that fraudulent activities undermine investor confidence, discourage legitimate investment, and negatively affect economic development.

Stakeholders welcomed the initiative, describing it as an important step towards sanitising Nigeria’s real estate market. They called for stronger regulation, digital land administration systems, improved property registration processes, and greater public awareness to reduce fraud and promote a more transparent property sector.

The Lagos State Government reiterated that protecting investors and ensuring integrity within the real estate industry remain key priorities as the state continues to attract local and international investment in housing and infrastructure development.

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