Banker jailed for 20 years in ₦31m property scam
Story by Susan Mbamah
A Lagos State High Court has sentenced mortgage banker Sulaiman Olayiwola Gbajabiamila to 20 years in prison for a property fraud worth ₦31 million. Justice I. O. Ijelu delivered the verdict on Monday, August 25, 2025, after a full trial.
Gbajabiamila was arrested by the Economic and Financial Crimes Commission (EFCC) on September 19, 2023, and faced a seven-count charge including stealing, forgery, and obtaining money under false pretenses.
One of the charges read: “That you, Sulaimon Olayiwola Gbajabiamila, sometimes in 2021 in Lagos, within the jurisdiction of this Honorable Court, with dishonest intent, stole and converted to your own use the sum of ₦31,000,000.00 property of Lateef Ayo Adeyemo.”
Another charge stated: “That you, Sulaimon Olayiwola Gbajabiamila, sometime in 2021 in Lagos, within the jurisdiction of this Honorable Court, with intent to defraud, forged a Sterling Bank Manager’s cheque no. 21664497 dated 20th October 2021 with the value of ₦10,000,000.00 in favor of STB Building Society Limited.”
Gbajabiamila pleaded not guilty, but the prosecution, led by Abdulhamid L. Tukur, presented two witnesses and several documents as evidence, which led to his conviction.
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In court, his defense counsel, T. E. Gbado, asked the judge to “temper justice with mercy,” citing his client’s remorse and the fact that he was a first-time offender.
Justice Ijelu handed down the sentences as follows:
Five years for stealing (with a ₦1 million fine option)
Seven years for obtaining by false pretenses
Two years each on three forgery counts (with a ₦1 million fine option on each)
Two years for using false documents (with a ₦200,000 fine option)
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Four years for retaining the proceeds of crime (with a ₦500,000 fine option)
Gbajabiamila’s scheme began when an estate agent, Lukman, introduced him to the victim, Lateef Adeyemo, who wanted to buy a flat in Lagos Homes, Iponri. Adeyemo paid a total of ₦31 million for a two-bedroom apartment, but Gbajabiamila never delivered the property, instead diverting the money for his own use.
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