The Economic and Financial Crimes Commission (EFCC) has returned N107 million to a Lagos resident who was defrauded in a disputed land transaction. The handover took place at the EFCC's Lagos Zonal Directorate 2 office in Ikoyi, Lagos, on 30 September. The funds were recovered from a transaction involving Adeola Ibrahim, Bolanle Bamgbose, and others. The petitioner had alleged that he was defrauded in the transaction and petitioned the EFCC.
According to the EFCC, the petitioner became interested in a parcel of land at Iya Oloye Crescent, off Ikorodu Road, Lagos, in October 2024. The land was offered to him for N150 million. He 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". The petitioner paid a total of N167.575 million, including N163 million to the law firm, N3 million to an agent, and N1.575 million to a surveyor.
The petitioner was unable to 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. He then petitioned the EFCC, alleging obtaining money by false pretence, conspiracy, and extortion. The EFCC's 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 EFCC, N60.575 million remains unrecovered. The EFCC stated that the investigation into the matter is part of its work on suspected land and property fraud.
The EFCC has been actively pursuing cases of property fraud. 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.
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's efforts aim to provide relief to victims of financial crimes.
The EFCC's Lagos Zonal Directorate 2 office handed over the funds to the petitioner through his lawyer, Babatunde Oni, a Senior Advocate of Nigeria (SAN). The commission's spokesperson, Dele Oyewale, confirmed the handover in a statement on Monday. The EFCC's actions demonstrate its commitment to investigating and prosecuting cases of financial crimes.
Key points
- The EFCC recovered N107 million from a disputed land transaction and returned it to the petitioner.
- The petitioner paid a total of N167.575 million in connection with the transaction.
- The EFCC continues to investigate and prosecute cases of suspected land and property fraud.
