Adeyinka Lawal, the founder of Beachway Homes Limited, a Lagos-based real estate firm is currently entangled in an alleged N1.33 billion fraud scandal.
Lawal has been charged before a Federal High Court in Lagos over the alleged crime.
The charges were brought by operatives of the Force Criminal Investigation Department Annex Alagbon-Ikoyi, Lagos.
Lawal and his company face accusations of conspiracy, obtaining money by false pretenses, money laundering, fraudulent conversion, and fraud.
The charges were presented before Justice Deinde Dipeolu, with the case identified as FHC/L/392c/2025.
The prosecutor, Barrister Samuel Ogala, stated that between 2020 and 2023, Adeyinka Lawal, his company, Beachway Homes Limited and others at large allegedly committed the crimes in the Elegushi, Lekki area of Lagos.
Ogala informed the court that Lawal fraudulently obtained N1.33 billion from one Mr. Ifeanyi Nweke, under the false pretense of using the funds to build a 52-unit estate at Ilesan-Elegushi, Lekki, Lagos.
The prosecutor further claimed that after receiving the money, Lawal converted it for his personal use.
The charges are said to contravene multiple sections of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as provisions under the Criminal Code Act, LFN 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022.
Lawal denied the allegations and pleaded not guilty to the charges.
At a hearing last Friday, the prosecutor informed the court that Lawal had not met the bail conditions set earlier. Consequently, the prosecutor requested that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS) until the bail conditions were met.
Lawal’s defense counsel, however, argued that his client had been indisposed since his arraignment and that bail conditions would have been perfected by now.
Justice Dipeolu, following the counsel’s submissions, ordered that Adeyinka Lawal be remanded in NCoS custody pending the fulfillment of the bail terms. The matter has been adjourned to March 18, 2026, for further trial.
The specific charges against the defendants read as follows:
“That you, ADEYINKA LAWAL ‘M’, BEACHWAY HOMES LTD., and others now at large, between 2020 and 2023 in the Elegushi-Lekki area of Lagos State, within the jurisdiction of this Honourable Court, did conspire to commit felony, specifically obtaining money by false pretense, and thereby committed an offence contrary to and punishable under Section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 390(9) of the Criminal Code Act, LFN 2004.”
“That you, ADEYINKA LAWAL ‘M’, BEACHWAY HOMES LTD., and others now at large, between 2020 and 2023 in the Elegushi-Lekki area of Lagos State, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtain the sum of N1.33 billion from Mr. Ifeanyi Nweke, under the false pretense of using the said sum to build a 52-unit estate at Ilesan-Elegushi, Lekki, Lagos, knowing such representation to be false, and thereby committed an offence contrary to and punishable under Section 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.”
“That you, ADEYINKA LAWAL ‘M’, BEACHWAY HOMES LTD., and others now at large, between 2020 and 2023 in the Elegushi-Lekki area of Lagos State, within the jurisdiction of this Honourable Court, did fraudulently convert the total sum of N1.33 billion belonging to Mr. Ifeanyi Nweke for your personal use, and thereby committed an offence contrary to and punishable under Section 390(9) of the Criminal Code Act, LFN 2004.”
“That you, ADEYINKA LAWAL ‘M’, BEACHWAY HOMES LTD., and others now at large, between 2020 and 2023 in the Elegushi-Lekki area of Lagos State, within the jurisdiction of this Honourable Court, did launder the sum of N1.33 billion belonging to Mr. Ifeanyi Nweke, and thereby committed an offence contrary to and punishable under Section 7(2)(b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.”
“That you, ADEYINKA LAWAL ‘M’, BEACHWAY HOMES LTD., and others now at large, between 2020 and 2023 in the Elegushi-Lekki area of Lagos State, within the jurisdiction of this Honourable Court, did transfer and retain the sum of N1.33 billion belonging to Mr. Ifeanyi Nweke, and thereby committed an offence contrary to and punishable under Section 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 No. 14.”
