How to Protect Your Property Rights: The Shocking Case of a Banker’s Property Sold Without His Consent
Introduction
Property ownership is one of the most significant investments a person can make. Unfortunately, property fraud is becoming more common, as illustrated in the case of Mr. Abiodun Thomas Akinlosotu, a banker whose property was sold without his consent by his own wife. If you’re a property owner, this story offers essential insights into how to protect your property rights and avoid becoming a victim of similar fraud. This article provides valuable tips, strategies, and preventive measures every property owner should know.
Key Details of the Property Fraud Case
In March 2023, Mr. Abiodun Thomas Akinlosotu, a banker at Zenith Bank, discovered that important documents for his property in Owutu, Ikorodu, Lagos, were missing. Unbeknownst to him, his wife, Mrs. Elizabeth Akinlosotu, had sold the property to a buyer, Mr. Oduwole Obafemi, for ₦12 million. This sale occurred without Mr. Akinlosotu’s knowledge or approval, despite him being the legal owner of the property.
1. The Fraudulent Sale: Mrs. Akinlosotu proceeded with the sale when her husband was away at work, even throwing out his belongings to allow the buyer to move in.
2. Community Involvement: The Baale (community chief), Chief Sakiru Balogun, initially intervened, advising Mr. Akinlosotu to pay ₦5 million to reclaim his property. However, this payment was ultimately returned, with the Baale later supporting the buyer’s claim.
3. Petitioning for Justice: With no resolution in sight, Mr. Akinlosotu approached Egbani Elaja Media Network, a community advocate for justice, equality, and empowerment. They assisted in petitioning the Assistant Inspector General’s Office for intervention and disciplinary action against the parties involved.
How to Protect Your Property Rights
To prevent a similar situation, it’s essential to secure your property and legal documents. Here are some practical steps:
1. Safeguard Your Property Documents
Your property documents are vital for proving ownership. Keep them in a secure, off-site location, such as a bank vault or a reliable digital storage solution. Having backups in secure places ensures that even if one copy is misplaced, you can still provide proof of ownership.
2. Register Your Property Properly
Property registration provides an additional layer of security. Registration ensures legal ownership, making it harder for fraudsters to claim your property. When you buy property, ensure that you register the title in your name with the appropriate government authority.
3. Stay Updated on Community and Legal Affairs
Regularly engage with your community leaders and local authorities to stay updated on property laws and community regulations. Being informed can help you detect signs of fraud early.
4. Consider Legal Protections Like Trusts or Joint Ownership
For individuals worried about unintentional transfer of property rights, setting up a trust or arranging joint ownership agreements can limit unauthorized transactions. Consult with a property lawyer to assess the best legal protections for your situation.
5. Keep Track of Payment and Utility Bills
Keep records of payments, such as land use charges, electricity bills, and security dues. These records serve as additional proof of ownership and can help assert your legal claim if ever challenged.
Conclusion
The case of Mr. Abiodun Thomas Akinlosotu shows how property fraud can occur even within a family. Protecting your property rights involves securing documents, keeping informed about local legal matters, and taking preventive measures. Whether you own a single property or multiple, these tips to protect your property rights are essential in today’s world.
For more insights into property law and how to safeguard your investments, check out our related article on Common Property Fraud Schemes and Essential Documents Every Property Owner Needs.
