EFCC returns N125m recovered from alleged land fraud suspect to Lagos businessman

The Economic and Financial Crimes Commission, EFCC, has returned N125 million recovered from a suspect in an alleged land fraud case to a Lagos businessman, Akinsewa Akiode.

The anti-graft agency disclosed this in a statement issued on Friday by its Head of Media and Publicity, Dele Oyewale, stating that the funds were presented to Akiode on Thursday by officials of the EFCC’s Lagos Zonal Directorate 2 in Ikoyi following the conclusion of investigations into the matter.

According to the commission, the investigation stemmed from a petition filed by Akiode, who alleged that Olufemi Fashehun received N125 million from him for the sale of a 550-square-metre parcel of land located at No. 10, Kudirat Abiola Way, Oregun, Lagos.

The businessman reportedly discovered after completing the transaction that the property had been embroiled in litigation since 2011, a fact allegedly concealed by the seller before the sale was concluded.

The EFCC said its findings revealed that Fashehun had previously been served with several court processes, including injunctions restraining him from carrying out any development on the property, but failed to disclose the pending legal dispute before collecting the purchase money.

The commission added that Akiode eventually lost both the land and the structures he had begun developing on the property, prompting him to seek the intervention of the anti-graft agency.

Following the investigation, the EFCC said it successfully recovered the full N125 million from the suspect and refunded the money to the petitioner through Sterling Bank drafts.

The restitution adds to a series of recoveries made by the commission in recent months. Just over two weeks earlier, the EFCC returned N108 million recovered during investigations into an alleged fraud involving two former employees of Greenwich Planet Sun King Nigeria Limited.

Similarly, in October 2025, the commission 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.

Speaking during the handover ceremony, the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, Bawa Kaltungo, reaffirmed the commission’s commitment to investigating economic and financial crimes, recovering proceeds of illicit activities and ensuring that victims receive restitution whenever possible.

The EFCC, however, did not disclose whether criminal charges had been instituted against Fashehun over the alleged fraudulent transaction.