EFCC returns recovered N125 million to Lagos land fraud victim

The Economic and Financial Crimes Commission (EFCC) has handed over N125 million recovered from an alleged land fraud suspect to a Lagos businessman, Akinsewa Akiode.

According to a statement on Friday by EFCC spokesperson Dele Oyewale, the money was presented to Mr Akiode on Thursday by the commission’s Lagos Zonal Directorate 2 in Ikoyi after an investigation into a petition he filed over the disputed property transaction.

The statement stated that Mr Akiode alleged that Olufemi Fashehun collected N125 million from him for the sale of a 550-square-metre parcel of land at No. 10, Kudirat Abiola Way, Oregun, Lagos.

He later discovered, however, that the property had been the subject of litigation since 2011, a fact the seller allegedly failed to disclose before collecting the money.

The EFCC said its investigation showed that Mr Fashehun had been served with several court processes, including injunctions restraining him from carrying out any construction on the property, but did not disclose the pending litigation before completing the transaction.

The commission noted that Mr Akiode eventually lost both the property and the structures he had begun putting up on the land, prompting him to seek its intervention.

After concluding its investigation, the EFCC said it recovered the full N125 million from the suspect and returned the money to the petitioner through Sterling Bank drafts.

The handover is the latest in a string of restitutions by the anti-graft agency. Just over two weeks ago, the commission returned N108 million recovered during an investigation into an alleged fraud involving two former employees of Greenwich Planet Sun King Nigeria Limited.

In October 2025, it also handed over three houses, two vehicles and N1.1 million recovered from a convicted fraudster to one of his victims in Ibadan after a Federal High Court ordered the assets forfeited.

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Speaking at Thursday’s ceremony, the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, Bawa Kaltungo, said the commission would continue to investigate economic and financial crimes, recover illicit proceeds and ensure victims receive restitution where possible.

The EFCC did not state whether criminal charges have been filed against Mr Fashehun over the alleged fraud.