Alleged Multi-Million Naira Property Scam Unfolds in Ketu, Victims Demand Justice

A two-storey residential building on Daniel Makinde Street, off Oluwalogbon Street, Ketu, Lagos, has become the centre of an alleged property fraud after several prospective tenants claimed they paid millions of naira for the same apartments.

The property comprises four three-bedroom flats, two two-bedroom flats and two room-and-parlour self-contained apartments. According to sources familiar with the transaction, the building was sold to a new owner sometime last year. The identity of the current owner could not be independently confirmed at the time of this report.

Following the purchase, the new owner reportedly engaged a developer identified as Mr. Akinwunmi, who is said to operate from the Shangisha/Magodo axis, to undertake a comprehensive renovation of the property early in 2026.

However, what began as a routine renovation has allegedly turned into a nightmare for dozens of prospective tenants.

Investigations by Kosofe Inside Out indicate that while renovation work was ongoing, multiple payments were allegedly collected from different individuals for the same apartments.

One estate agent, Mr. Folab, who spoke with our correspondent by telephone, admitted introducing two clients to the property. He alleged that the developer collected payments from between five and seven different prospective tenants for each of the three-bedroom flats, charging ₦4.5 million per apartment. According to him, the two-bedroom flats were offered at ₦3.8 million each, while the room-and-parlour self-contained apartments were reportedly rented out for ₦2 million each to multiple applicants.

Mr. Folab further alleged that another estate agent, identified as Mr. Shomolu, introduced about 11 prospective tenants who also made payments for various apartments.

According to the agent, Mr. Shomolu was arrested at his residence on Shonaike Street, Ikosi-Ketu, on Saturday during a security operation involving police officers and soldiers. He, however, claimed that the suspect escaped while the operation was ongoing. Kosofe Inside Out could not independently verify this account.

One of the alleged victims, who spoke with Kosofe Inside Out, said she paid for an apartment in February 2026 and had patiently waited for the renovation to be completed.

She explained that her suspicions grew after months passed without any clear indication that possession would be handed over.

“I requested a refund when I realised the renovation was taking far longer than expected. Since then, neither the developer nor the agent has answered my calls,” she said.

The victim added that while some estate agents have remained in contact with their clients and are assisting them, others have allegedly gone into hiding alongside the developer.

Sources also told Kosofe Inside Out that following reports that multiple people had paid for the same apartments, some prospective tenants stormed the property early one morning and forcefully took possession of vacant units in an effort to secure accommodation.

Several other apartments were reportedly found with different padlocks installed by competing claimants, each insisting they had legitimately paid for the same property.

The situation has left the premises in confusion, with victims accusing those involved of orchestrating a coordinated scheme to defraud unsuspecting apartment seekers.

The matter has since been reported at Ketu Police Station, where an investigation is said to be ongoing.

As of the time of filing this report, efforts to obtain comments from Mr. Akinwunmi, the property’s current owner and the other individuals mentioned in connection with the allegations were unsuccessful.

Kosofe Inside Out will continue to monitor the investigation and publish updates as more ve

rified information becomes available.