The Economic and Financial Crimes Commission (EFCC) has handed over N107 million recovered from a disputed land transaction to a Lagos resident who petitioned the commission after he could not take possession of the property.
In a statement on Monday, the agency’s spokesperson, Dele Oyewale, said it handed over the money in bank drafts to the petitioner through his lawyer, Babatunde Oni, a Senior Advocate of Nigeria (SAN).
|
|
The handover took place at the EFCC’s Lagos Zonal Directorate 2 office in Ikoyi, Lagos, on 30 September.
The statement revealed that the petitioner had alleged that he was defrauded in the transaction involving Adeola Ibrahim, Bolanle Bamgbose, and others.
|
|
|
|---|
The EFCC said 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 person identified as Alfa.
The land was offered to him for N150 million.
The petitioner later engaged Bolanle Bamgbose & Associates to conduct due diligence and handle the transaction with a purported representative of the seller, identified as Monsuru, popularly known as “Area”.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
But the amount eventually paid in connection with the transaction was higher than the agreed price.
According to the EFCC, the petitioner paid N163 million to the law firm, N3 million to Kazeem, whom the commission described as an agent, and N1.575 million to a surveyor.
The payments totalled N167.575 million.
The petitioner, however, could not take possession of the land after a dispute arose over the property.
He tried to recover his money or gain possession of the land but was unsuccessful, the EFCC said.
He then petitioned the commission through Babatunde Oni SAN & Co., alleging obtaining money by false pretence, conspiracy and extortion.
The EFCC said its investigation led to the recovery of N107 million, which was returned to the petitioner on 30 September.
The recovery represents about two-thirds of the N167.575 million the petitioner allegedly paid in connection with the transaction. Based on the figures provided by the commission, N60.575 million remains unrecovered.
Recently, the agency arraigned a man over an alleged N13.6 million property fraud at the Oyo State High Court, Ibadan, Oyo State.
In July, the commission also announced the arraignment of two brothers over alleged land fraud in Port Harcourt and the arraignment of two FCDA staff members over alleged property fraud.
READ ALSO: EFCC, NFIU prepare for fresh FATF evaluation, after Nigerias exit from grey list
Speaking during the handover, the Acting Zonal Director of the Lagos Zonal Directorate 2, Bawa Kaltungo, said the commission would continue to recover funds linked to financial crimes and return them to their rightful owners where established.
The EFCC stated that the investigation into the matter is part of its work on suspected land and property fraud.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
![Hyacinth Alia, Governor of Benue state [PHOTO CREDIT: Fr. Hyacinth Iormem Alia]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2026/07/722407677_1007689895284638_511516054694155796_n.jpg?fit=2048%2C1562&ssl=1)
