Operatives from the Force Criminal Investigation Department (FCID) has arrested popular Nigerian socialite, Olaseni Olayinka, popularly known as Abu Abel, over a land transaction that allegedly defrauded a company of ₦477 million.
The company, Doyin Investment Group of Companies had filed a petition accusing him of selling three plots of land already under dispute.
The land, located on Augustina Orji Street within the Ojomu Chieftaincy Family land in Oke-Arin Village, Eti-Osa area of Lagos, was reportedly sold to the company for ₦447 million in 2023.
A deed of assignment was signed, but the buyers later found out that the land was not free from claims.
Investigators disclosed that Abu Abel admitted knowing the land had issues and refunded ₦230 million, but failed to pay the remaining ₦217 million.
On January 11, 2024, he allegedly signed a written agreement to repay the remaining balance and offered a property in Lekki as collateral.
However, he reportedly failed to comply with the terms of the agreement. Police officers encountered difficulties in arresting him, as he went into hiding in a location on Victoria Island.
After several weeks of tracking, he was eventually apprehended by a tactical team from the FCID. During the investigation, the police recovered various documents, including receipts, the deed of assignment, and communication records between both parties.
Additionally, police revealed that he had filed a court case in an attempt to prevent his arrest and delay the investigation.
Abu Abel is also under investigation for suspected ties to a cult group linked to land grabbing, fraud, and threats in parts of Lagos and Ogun states. He is expected to face charges for obtaining money under false pretenses, criminal breach of trust, and conspiracy to defraud.
