Lagos Mortgage Banker Jailed 20 Years for N31m Property Fraud

Sulaiman Olayiwola Gbajabiamila, a mortgage banker in Lagos, was convicted and sentenced to a total of 20 years imprisonment by the Lagos State High Court for defrauding a client of N31 million in a property deal and forging a Sterling Bank manager’s cheque worth N10 million. The Economic and Financial Crimes Commission (EFCC) prosecuted Gbajabiamila on seven counts including stealing, obtaining by false pretences, forgery, use of false documents, and retention of proceeds of crime. The court found that Gbajabiamila received payment from Lateef Adeyemo for a two-bedroom apartment in Iponri, Lagos, but diverted the funds for personal use and never delivered the property. Despite pleading not guilty, the evidence presented by the prosecution, including witness testimony and documents, led to his conviction on all counts. Justice I. O. Ijelu sentenced Gbajabiamila to varying prison terms ranging from two to seven years for each count, with options of fines totaling several million Naira. The defense requested leniency citing remorse and first-time offender status, but the court upheld the convictions and sentences.