EFCC Hands Over N107m Recovered to Lagos Property Fraud Victim
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The Economic and Financial Crimes Commission (EFCC) has handed over N107 million recovered from a disputed property transaction to a Lagos resident who petitioned the commission after he was unable to take possession of the land he had paid for.
The recovery followed a petition alleging obtaining money by false pretence, conspiracy and extortion involving several individuals. The petitioner had sought to purchase a parcel of land at Iya Oloye Crescent, off Ikorodu Road, Lagos, in October 2024 for N150 million.
According to the EFCC, the petitioner ultimately paid N167.575 million in connection with the transaction, including N163 million to a law firm, N3 million to an agent and N1.575 million to a surveyor. However, a dispute over the property prevented him from taking possession.
The EFCC’s Lagos Zonal Directorate 2 in Ikoyi handed over the recovered funds in bank drafts to the victim through his lawyer, Babatunde Oni, SAN, on September 30, 2026.
The commission said the N107 million represents part of the funds allegedly lost, while efforts are continuing to recover the outstanding balance. Acting Zonal Director Bawa Kaltungo reaffirmed the EFCC’s commitment to recovering proceeds linked to fraudulent transactions and returning them to rightful owners where established.
