A Lagos-based real estate developer, Adeyinka Lawal, CEO of Beachway Homes Limited, has been arraigned before a Federal High Court in Lagos over alleged fraud totaling N1.33 billion.
Lawal, 60, and his company were arraigned on amended charges (FHC/L/392c/2025) before Justice Deinde Dipeolu by operatives of the Force Criminal Investigation Department (Force CID), Alagbon-Ikoyi, Lagos.
According to the prosecution, led by Barrister Samuel Ogala, Lawal and others at large allegedly committed the offenses between 2020 and 2023 at Elegushi, Lekki, Lagos.
The court heard that Lawal, with intent to defraud, obtained N1.33 billion from a Mr. Ifeanyi Nweke under the pretense of constructing a 52-unit estate at Ilesan-Elegushi, Lekki.
The sum, the prosecution claimed, was subsequently diverted for personal use.
The alleged actions, the prosecutor said, contravened Sections 8 and 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 390(9) of the Criminal Code Act, LFN 2004.
Further, the defendant was accused of money laundering, violating Section 7(2)(b) of the Advance Fee Fraud Act and Section 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Lawal pleaded not guilty to all charges.
At the resumed hearing last Friday, the prosecutor informed the court that Lawal had not fulfilled the bail conditions previously granted.
He urged the court to remand the defendant in the custody of the Nigerian Correctional Services (NCoS) pending compliance.
Lawal’s lawyer countered that the delay in fulfilling bail terms was due to his client’s indisposition since the initial arraignment in July 2025, and that he would have otherwise perfected the bail.
Justice Dipeolu subsequently ordered Lawal remanded at NCoS, pending fulfillment of bail conditions.
The case has been adjourned to March 18 for trial.
The charges against Adeyinka Lawal and Beachway Homes alleged that between 2020 and 2023, at Elegushi, Lekki, Lawal and his company conspired to commit felony by obtaining money under false pretenses, fraudulently acquired N1.33 billion from Mr. Ifeanyi Nweke under the false claim of building a 52-unit estate, converted the sum for personal use, engaged in money laundering, and transferred and retained the funds in violation of relevant provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, the Criminal Code Act, LFN 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022.
