The Economic and Financial Crimes Commission (EFCC) has handed over N107 million recovered from a disputed Lagos property transaction to a victim of alleged property fraud.
Bank drafts valued at N107,000,000 were presented 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 involving Adeola Ibrahim, Bolanle Bamgbose and others.
According to the petitioner, he became interested in purchasing a parcel of land at Iya Oloye Crescent, off Ikorodu Road, Lagos State, in October 2024 for N150 million.
The property was allegedly introduced to him by Olalekan Kazeem and another individual identified as Alfa.
He subsequently engaged Bolanle Bamgbose & Associates, a law firm represented in the transaction by Ibrahim and its principal, Bamgbose, to conduct due diligence and handle the necessary dealings with the purported representative of the seller, identified as Monsuru, popularly known as “Area”.
Investigation by the EFCC established that 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, Kazeem, and N1.575 million to a surveyor, bringing the total amount allegedly paid to N167.575 million.
Despite the payments, the petitioner was unable to take possession of the property following a dispute over the land.
Efforts to either secure possession or recover the money reportedly failed, prompting the petition to the EFCC.
Speaking during the handover of the recovered funds on September 30, 2026, the Acting Zonal Director of the Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, reaffirmed the commission’s commitment to securing justice for victims of financial crimes.
Kaltungo also said the EFCC would continue efforts to recover funds traced to fraudulent transactions and return them to their rightful owners where established.
The N107 million handed over to the petitioner represents part of the N167.575 million allegedly lost in the disputed property transaction.
