EFCC recovers N107m for victim of N167.5m Lagos property fraud

The Economic and Financial Crimes Commission, EFCC, has recovered N107 million for a victim who allegedly lost N167.575 million in a disputed property transaction in Lagos.

A statement issued by the agency said the Lagos Zonal Directorate 2 of the EFCC, Ikoyi, handed over bank drafts worth N107 million to the victim through his counsel, Babatunde Oni, SAN.

The recovery followed a petition submitted to the commission by the petitioner through his legal representative, Babatunde Oni SAN & Co.

The petition alleged obtaining money by false pretence, conspiracy and extortion involving some individuals identified as Adeola Ibrahim, Bolanle Bamgbose and others.

According to the petitioner, he became interested in purchasing a parcel of land at Iya Oloye Crescent, off Ikorodu Road, Lagos State, sometime in October 2024.

The property was offered to him for N150 million after it was introduced by Olalekan Kazeem and another individual identified as Alfa.

The petitioner later engaged Bolanle Bamgbose & Associates to conduct due diligence and handle the transaction. The law firm was represented by Ibrahim and its principal, Bamgbose, who dealt with the purported seller’s representative, Monsuru, popularly known as “Area”.

“In the course of the transaction, the petitioner paid various sums connected to the proposed acquisition, including N163,000,000 (One Hundred and Sixty-Three Million Naira) to the law firm; N3,000,000 (Three Million Naira) to the agent, Olalekan Kazeem; and N1,575,000 (One Million, Five Hundred and Seventy-Five Thousand Naira) to a surveyor,” the statement said.

The EFCC said an investigation revealed that the total amount allegedly paid by the petitioner in connection with the transaction was N167.575 million.

However, after making the payments, the petitioner could not take possession of the property due to a dispute over the land.

His subsequent efforts to either gain possession of the property or recover his money were unsuccessful.

The EFCC said the N107 million recovered and handed over to the petitioner formed part of the commission’s ongoing efforts to recover the N167.575 million allegedly lost in the transaction.

The bank drafts were handed over on Wednesday, September 30, 2026, by the Acting Zonal Director of the Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo.

During the handover, Kaltungo reiterated the commission’s commitment to ensuring that victims of financial crimes receive justice.

He also stressed the EFCC’s commitment to recovering funds linked to fraudulent transactions and returning them to their rightful owners where established.

EFCC recovers N107m for victim of N167.5m Lagos property fraud