The Economic and Financial Crimes Commission has returned N107 million recovered in connection with an alleged property fraud in Lagos to the victim.
The Lagos Zonal Directorate 2, Ikoyi, presented bank drafts totalling N107 million to the victim through his legal representative, Babatunde Oni, SAN.
The recovery followed a petition submitted by the victim through Babatunde Oni SAN & Co., alleging obtaining money by false pretence, conspiracy and extortion against Adeola Ibrahim, Bolanle Bamgbose and other individuals.
According to the petitioner, he developed an interest in acquiring a parcel of land located at Iya Oloye Crescent, off Ikorodu Road, Lagos, for N150 million in October 2024. The property, he said, was introduced to him by Olalekan Kazeem and another person known as Alfa.
Following the introduction, the petitioner said he hired Bolanle Bamgbose & Associates to carry out due diligence on the property and facilitate the transaction with an alleged representative of the seller identified as Monsuru, popularly known as “Area”.
The petitioner stated that he subsequently paid N163 million to the law firm, N3 million to the agent, Kazeem, and N1.575 million to a surveyor as part of the proposed property acquisition.
The EFCC said its investigation established that the petitioner paid a total of N167.575 million in connection with the transaction.
Despite the payments, the petitioner was unable to gain possession of the property following a dispute over ownership and control of the land. Attempts to obtain possession or recover the money paid for the transaction were also unsuccessful.
At the handover ceremony, the Acting Zonal Director of the Lagos Zonal Directorate 2, Assistant Commander of the EFCC, Bawa Usman Kaltungo, reaffirmed the commission’s commitment to tracing and recovering proceeds connected to fraudulent transactions and returning such funds to their legitimate owners whenever the claims are established.
The EFCC explained that the N107 million returned to the victim represented part of the funds recovered in its efforts to retrieve the N167.575 million allegedly lost in the disputed property transaction.
