EFCC recovers N107m for Lagos property fraud victim

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, Ikoyi, has recovered and handed over bank drafts worth N107 million to a victim of an alleged property fraud in Lagos.

The drafts were handed over to the victim through his counsel, Babatunde Oni, SAN.

The recovery followed a petition lodged with the Commission by the victim through his lawyer, Babatunde Oni, SAN & Co., alleging obtaining money by false pretence, conspiracy and extortion against some individuals, including Adeola Ibrahim, Bolanle Bamgbose and others.

According to the petitioner, sometime in October 2024, he developed an interest in purchasing a parcel of land located at Iya Oloye Crescent, off Ikorodu Road, Lagos, for N150 million.

The property was allegedly introduced to him by Olalekan Kazeem and another individual identified as Alfa.

The petitioner subsequently engaged the services of Bolanle Bamgbose & Associates, a law firm represented in the transaction by Ibrahim and its principal, Bamgbose, to conduct due diligence and handle the necessary dealings with the purported representative of the seller, identified simply as Monsuru, popularly known as “Area”.

In the course of the transaction, the petitioner paid various sums in connection with the proposed acquisition, including N163 million to the law firm, N3 million to the agent, Kazeem, and N1.575 million to a surveyor.

The investigation further revealed that the petitioner allegedly paid a total of N167.575 million in connection with the transaction.

However, after making the payments, the petitioner was unable to take possession of the property following a dispute over the land.

His subsequent efforts to either secure possession of the property or recover his money were unsuccessful, prompting him to seek the intervention of the EFCC.

During the handover of the recovered funds on September 30, 2026, the acting Zonal Director, Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, reaffirmed the Commission’s commitment to ensuring justice for victims of financial crimes.

He said the EFCC would continue to recover funds linked to fraudulent transactions and return them to their rightful owners whenever such claims were established.

The N107 million handed over to the petitioner represents part of the N167.575 million allegedly lost in the disputed property transaction, while efforts to recover the outstanding balance continue.

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