Beachway Homes CEO Docked Over Alleged ₦1.33bn Lekki Estate Fraud, Remanded in Custody

ByNewsmakers

Feb 3, 2026 #₦1.33bn real estate fraud, #Adeyinka Lawal arraignment, #Advance Fee Fraud Act case, #Beachway Homes fraud case, #Beachway Homes Limited trial, #Federal High Court Lagos trial, #ForceCID Alagbon prosecution, #Ifeanyi Nweke fraud allegation, #Lekki estate scam, #money laundering charges Nigeria, #Nigerian real estate fraud news, #obtaining by false pretence Nigeria

Adeyinka Lawal

Matilda Omonaiye/

A Lagos-based real estate developer, Adeyinka Lawal, has been arraigned before the Federal High Court over an alleged ₦1.33 billion fraud linked to a proposed housing estate in the Elegushi axis of Lekki, Lagos State.

Lawal, the Chief Executive Officer of Beachway Homes Limited, was docked alongside his company on an amended charge marked FHC/L/392c/2025, before Justice Deinde Dipeolu. The prosecution was brought by operatives of the Force Criminal Investigation Department.

Prosecuting counsel, Barrister Samuel Ogala, told the court that the 60-year-old defendant and others still at large allegedly committed the offences between 2020 and 2023 at Elegushi, Lekki.

According to the charge, Lawal is accused of conspiring to defraud and fraudulently obtaining ₦1.33 billion from one Mr. Ifeanyi Nweke, under the pretext that the funds would be used to develop a 52-unit residential estate at Ilesan-Elegushi, Lekki.

The prosecutor further alleged that upon receiving the funds, the defendant converted the money to his personal use and subsequently engaged in acts amounting to money laundering.

Ogala said the alleged offences contravene Sections 8 and 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as Section 390(9) of the Criminal Code Act, LFN 2004. The prosecution also cited violations of Section 7(2)(b) of the same Advance Fee Fraud Act and Section 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Lawal, however, pleaded not guilty to all the counts when the charges were read to him.

At the resumed proceedings last Friday, the prosecution informed the court that the defendant had failed to perfect the bail conditions earlier granted by the court and urged Justice Dipeolu to remand him pending compliance.

In response, defence counsel told the court that he had been indisposed since his client’s arraignment in July 2025, explaining that the ill-health prevented him from perfecting the bail terms on behalf of the defendant.

After considering the submissions of both parties, Justice Dipeolu ordered that Lawal be remanded at the Nigerian Correctional Service pending the fulfillment of his bail conditions.

The matter was thereafter adjourned to March 18 for the commencement of trial.

The charge sheet alleges, among others, that Lawal and Beachway Homes Limited conspired to obtain money by false pretence, fraudulently converted ₦1.33 billion belonging to Mr. Nweke, and transferred and retained the said sum in a manner amounting to money laundering, offences the defendants allegedly knew to be unlawful.

The court proceedings mark the latest in a growing list of high-profile real estate fraud cases currently before Nigerian courts, as law enforcement agencies intensify scrutiny of property-related investment schemes.