Nigerian Court Sentences Mortgage Banker For N31m Property Fraud.
A Federal High Court in Lagos has convicted a mortgage banker for defrauding a client of N31 million in a property scam, marking another victory for Nigeria’s Economic and Financial Crimes Commission (EFCC) in its fight against financial crimes. The banker, whose identity has not been disclosed, was found guilty of obtaining money under false pretences after failing to deliver a two-bedroom apartment for which he had received payment.
The EFCC’s investigation revealed that the convict accepted N31 million from a client for the purchase of a property but did not provide the promised apartment, leaving the victim financially stranded. The court, presided over by Justice Joyce Abdulmalik, heard how the banker misrepresented the availability of the property, exploiting the trust of the client. Following a thorough trial, the judge ruled that the prosecution had proven its case beyond reasonable doubt, leading to the banker’s conviction.
This case adds to a string of recent EFCC successes in tackling property-related fraud across Nigeria. In June 2025, the commission arraigned Abuja-based real estate developer Rebecca Godwin-Isaac and her husband, Isaac Yusuf, for allegedly defrauding clients of over N800 million through fraudulent land sales in Guzape and Katampe districts. Similarly, in July 2025, the EFCC prosecuted Usman Zakari, a Gombe State High Court bailiff, for misappropriating N9.82 million from a court-ordered auction. These cases highlight the growing menace of property fraud in Nigeria’s major cities, with the EFCC intensifying efforts to curb such crimes.
The sentencing of the mortgage banker serves as a stern warning to others engaging in fraudulent practices within Nigeria’s real estate sector. The EFCC has reiterated its commitment to pursuing justice for victims of financial crimes, with a focus on ensuring that perpetrators face the full weight of the law. The commission urged the public to exercise caution when dealing with property transactions and to verify the legitimacy of agents and developers before making payments.
As Nigeria grapples with economic challenges, including rising inflation and currency depreciation, the EFCC’s efforts to clamp down on fraud are seen as critical to restoring confidence in key sectors like real estate. The court’s ruling underscores the importance of accountability and transparency, offering hope to victims seeking redress for financial losses caused by deceitful practices.
