The Economic and Financial Crimes Commission (EFCC) has 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, by the EFCC Lagos Zonal Directorate 2, Ikoyi.
The recovery followed a petition submitted to the commission by the victim through 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 petition, the victim became interested in purchasing a parcel of land located at Iya Oloye Crescent, off Ikorodu Road, Lagos State, 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 subsequently engaged Bolanle Bamgbose & Associates to conduct due diligence on the property and facilitate the transaction with the purported representative of the seller, identified as Monsuru, popularly known as “Area”.
The petition alleged that Ibrahim represented the law firm in the transaction alongside its principal, Bamgbose.
According to the EFCC, the petitioner made several payments in connection with the proposed acquisition.
These included N163 million paid to the law firm, N3 million to the agent, Olalekan Kazeem, and N1.575 million to a surveyor.
The commission said its investigation established 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 was unable to take possession of the property following a dispute over the land.
The petitioner subsequently sought either possession of the property or a refund of the money paid but was allegedly unsuccessful.
The EFCC said its investigation into the petition led to the recovery of N107 million, which was returned to the victim through his counsel.
Speaking during the handover on September 30, 2026, the Acting Zonal Director of the Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, said the commission remained committed to recovering proceeds of financial crimes and returning recovered funds to their legitimate owners where established.
Kaltungo said the handover underscored the commission’s responsibility to ensure that victims of financial crimes receive justice.
The N107 million represents part of the N167.575 million allegedly lost by the petitioner in the disputed property transaction.
The EFCC said efforts were ongoing to recover the outstanding balance linked to the transaction.
