Businessman in court for ₦50m property fraud
A 32-year-old businessman has been arraigned for allegedly defrauding his client of ₦50 million in a property transaction in Abuja.
A 32-year-old businessman, Aliyu Bako, was on Tuesday docked in a Life Camp Chief Magistrates’ Court for allegedly swindling his client of ₦50 million. The police charged Bako, who resides in Utako, Abuja, with criminal breach of trust, cheating, and criminal misappropriation. He, however, pleaded not guilty to the charge.
The prosecution told the court that sometime in August 2025, the defendant introduced himself to the complainant as the son of the owner of a five-bedroom duplex and boys quarters in “Brains and Hammers” Estate in Life Camp, Abuja. The complainant negotiated with the defendant and agreed to purchase the duplex for ₦250 million. The complainant, believing the representation, made the payment into an account provided by the defendant.
During police investigation, the prosecution said contrary to the purpose for which the money was entrusted, the defendant only remitted ₦200 million to the owner of the property, converting ₦50 million for his personal use. The complainant was made to pay an additional ₦70 million to the property owner.
The case is a reminder that trust is a commodity that can be easily exploited. The defendant presented himself as the son of the property owner, a claim that the complainant believed without verification. The ₦50 million that was diverted is a significant sum, and the additional ₦70 million paid by the complainant compounds the loss. The court has granted bail, but the case will test the effectiveness of the judicial process.
This echoes the 2022 property fraud cases in Abuja, which also involved large sums and false representations. The mechanism then was different, but the result was the same: victims left financially devastated.
The winners: the complainant, if the court rules in his favour; and the Nigerian judiciary, which will adjudicate the case. The losers: the defendant, if found guilty; and the Nigerian public, who must be wary of property fraud.
Bottom Line: A businessman is in court for diverting ₦50 million meant for a property purchase. The question is whether justice will be served or the case will join the long list of unresolved fraud cases.