Mortgage Banker Found Guilty of N31 Million Real Estate Scam
Following a thorough investigation by the Economic and Financial Crimes Commission (EFCC), Suleiman Gbajabiamila was convicted for defrauding clients by accepting payments for a two-bedroom apartment that was never constructed or handed over.
Details of the Fraud Case
The EFCC uncovered that Gbajabiamila collected a total of N31 million from unsuspecting buyers under the pretense of selling completed properties. However, the promised apartments were never delivered, leaving victims financially harmed and without the homes they paid for.
Impact and Legal Outcome
This case highlights ongoing challenges in Nigeria’s real estate sector, where fraudulent schemes continue to undermine buyer confidence. The court’s ruling serves as a stern warning to others involved in similar deceptive practices, reinforcing the importance of accountability and transparency in property transactions.
Context and Broader Implications
Property fraud remains a significant issue in Nigeria, with recent reports indicating that over 20% of real estate transactions face some form of irregularity or scam. This conviction is part of a broader crackdown by regulatory bodies aiming to protect consumers and restore trust in the housing market.
For prospective homeowners, this case underscores the necessity of conducting due diligence and verifying the credentials of developers and agents before making substantial investments.
Source: Premium Times Nigeria
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