EFCC returns N125m to man defrauded in Lagos land deal

Stanley Ihedigbo

Economic and Financial Crimes Commission (EFCC) has recovered and restituted the sum of N125 million to a Lagos resident, Akinsewa Akiode, who was allegedly defrauded in a land transaction involving a property in Oregun, Lagos State.

The Lagos Zonal Directorate 2 of the EFCC, Ikoyi, Lagos, handed over the recovered funds to Akiode on Thursday, August 6, 2026, following the successful conclusion of investigations into his petition alleging land fraud.

According to the EFCC Head Media & Publicity, Dele Oyewale, the recovered N125,000,000 was presented to the victim in the form of Sterling Bank drafts, marking the conclusion of the restitution process after the Commission established the circumstances surrounding the alleged fraudulent transaction.

Akiode had petitioned the Commission against Olufemi Omoola Fashehun, alleging that the suspect obtained N125 million from him under the pretext of selling a parcel of land measuring approximately 550 square metres at No. 10, Kudirat Abiola Way, Oregun, Lagos State.

The petitioner alleged that he entered into the transaction believing that the property was available for sale and that he could lawfully acquire and develop it after making the required payment.

However, investigations by the EFCC revealed that the property was the subject of a pending court case dating back to 2011, a material fact which the petitioner alleged was deliberately concealed from him before he paid for the property.

The Commission further established that the suspect had allegedly been served with several court processes relating to the property, including injunctions restraining him from undertaking construction or other activities on the disputed land.

Despite the existence of the legal dispute and the court orders, the suspect allegedly failed to disclose the situation to Akiode before receiving the N125 million purchase consideration.

The development subsequently left the petitioner facing significant financial loss after he reportedly lost both the property and developments that were already under construction on the land.

Faced with the loss, Akiode petitioned the EFCC, requesting the intervention of the anti-graft agency and recovery of his funds.

Following the petition, investigators commenced a probe into the transaction, examining the circumstances surrounding the sale, the ownership and legal status of the property, as well as the movement of the funds allegedly obtained from the victim.

At the conclusion of the investigation, the EFCC recovered the full sum of N125 million from the suspect.

The Commission subsequently approved the restitution of the recovered funds to Akiode, who received the money through Sterling Bank drafts during the formal handover ceremony at the Lagos Zonal Directorate 2.

Speaking at the occasion, the Acting Zonal Director of the Lagos Zonal Directorate 2, EFCC, Ikoyi, Lagos, Assistant Commander of the EFCC (ACE I) Bawa Usman Kaltungo, reaffirmed the Commission’s commitment to tackling economic and financial crimes and ensuring that victims of fraudulent transactions receive appropriate restitution where the law permits.

Kaltungo said the recovery demonstrated the Commission’s resolve not only to investigate economic and financial crimes but also to trace and recover proceeds of crime.

He further stressed the importance of ensuring that victims of fraudulent activities are not left to bear the consequences of criminal conduct where their funds can be recovered.

The EFCC’s intervention in the case underscores the financial and legal risks associated with property transactions, particularly where prospective buyers fail to conduct adequate due diligence on the ownership and legal status of properties before making substantial payments.

The case also highlights the importance of verifying the title to a property and determining whether a property is subject to litigation, injunctions or other legal restrictions before entering into a purchase agreement.

For Akiode, the recovery of the N125 million represents the restoration of funds lost in a transaction that allegedly resulted in him losing both the expected property and investments made towards its development.

The EFCC said it would continue to investigate cases of economic and financial crimes, recover proceeds of crime and facilitate restitution to victims whenever necessary and legally appropriate.

The handover further demonstrates the Commission’s broader mandate to protect the public from financial crimes while ensuring that recovered proceeds are returned to legitimate owners in accordance with due process.