Socialite Olaseni Olayinka, popularly known as Abu Abel, has been arrested by officers from the Force Criminal Investigation Department (FCID) in Alagbon over a land transaction that allegedly defrauded a company of ₦477 million.
Naijaonpoint reports that the arrest came after Doyin Investment Group of Companies 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 balance and offered a property in Lekki as security.
However, he reportedly did not keep to the terms.
Police officers said they had difficulty arresting him as he went into hiding at a location in Victoria Island.
After several weeks of tracking, he was eventually arrested by a tactical team from the FCID.
During the investigation, documents including receipts, the deed of assignment, and records of communication between both sides were recovered.
Police also revealed that he had filed a court case to stop his arrest and delay the investigation.
Abu Abel is also being investigated over suspected ties to a cult group connected with land grabbing, fraud, and threats in parts of Lagos and Ogun states.
He is expected to face charges for obtaining money by false pretence, criminal breach of trust, and conspiracy to defraud.
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