The Federal High Court in Ikoyi, Lagos has ordered the remand of Adeyinka Lawal, the Chief Executive Officer of Beachway Homes Limited, following his arraignment over an alleged N1.33 billion fraud involving a botched luxury estate project in Lekki.
Lawal, 60, appeared before Justice Deinde Dipeolu alongside his company on an amended five-count charge bordering on conspiracy, obtaining money by false pretence, money laundering, and fraudulent conversion.
According to the prosecution led by Samuel Ogala of the Force Criminal Investigation Department (ForceCID) Annexe, Alagbon, the defendant allegedly defrauded a businessman, Mr Ifeanyi Nweke, between 2020 and 2023.
ADEYINKA LAWAL
The court heard that Lawal allegedly collected N1.33 billion from Nweke under the guise of constructing a 52-unit housing estate at Ilesan-Elegushi, Lekki.
However, the prosecution claimed that Lawal diverted the funds for personal use instead of executing the project.
The charge designated FHC/L/392c/2025 slammed against Lawal and Beachway Homes Limited include violations of Section 8 & 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, Section 390(9) of the Criminal Code Act, LFN 2004, and Section 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
While the defendant pleaded not guilty to all charges, his legal team faced hurdles regarding his freedom.
At the resumption of trial, the prosecutor informed the court that Lawal had yet to meet the bail conditions previously set.
Although Lawal’s defence counsel argued that his own recent illness had delayed the perfection of the bail terms, Justice Dipeolu ruled that the defendant must remain in the custody of the Nigerian Correctional Services (NCoS) until his bail conditions are fully satisfied.
The judge adjourned the matter until March 18, 2026, for further hearing.
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