EFCC Recovers N107m in Property Fraud Case, Returns Funds to Lagos Victim

 The Economic and Financial Crimes Commission (EFCC) has recovered N107 million linked to a disputed property transaction and returned the funds to a Lagos resident who petitioned the agency over the alleged fraud.

 The EFCC said the money was handed over to the petitioner in bank drafts through his lawyer, Babatunde Oni, SAN, at the commission’s Lagos Zonal Directorate 2 office in Ikoyi on September 30, 2026.

 According to the commission, the petitioner became interested in a parcel of land at Iya Oloye Crescent, off Ikorodu Road, Lagos, in October 2024 after it was introduced to him by Olalekan Kazeem and another individual identified as Alfa.

 The property was offered for N150 million. The petitioner subsequently engaged Bolanle Bamgbose & Associates to conduct due diligence and facilitate the transaction with a purported representative of the seller, identified as Monsuru, popularly known as “Area.”

 The EFCC said the total amount paid by the petitioner eventually rose to N167.575 million. This included N163 million paid to the law firm, N3 million to Kazeem, whom the commission identified as an agent, and N1.575 million to a surveyor.

 The petitioner was unable to take possession of the property after a dispute emerged over the land. Efforts to either secure possession or recover the money reportedly failed, prompting him to petition the EFCC through Babatunde Oni SAN & Co.

 The petition alleged obtaining money by false pretence, conspiracy and extortion.

 Following its investigation, the EFCC said it recovered N107 million and returned the funds to the petitioner on September 30.

 The recovered amount represents about two-thirds of the N167.575 million allegedly paid in connection with the transaction, leaving approximately N60.575 million yet to be recovered based on the figures provided by the commission.

 The Acting Zonal Director of the Lagos Zonal Directorate 2, Bawa Kaltungo, said the EFCC would continue efforts to recover funds linked to financial crimes and return them to their rightful owners where established.

 The commission said the investigation forms part of its broader efforts to tackle suspected land and property fraud.