EFCC Hands Over Recovered N107 Million to Lagos Property Fraud Victim
Lagos, Nigeria – October 5, 2026—The Economic and Financial Crimes Commission (EFCC) has restored a significant portion of funds lost in a high-value property fraud case, handing over bank drafts worth **N107 million** to a victim in Lagos.
The Lagos Zonal Directorate 2 in Ikoyi presented the recovered sum through the petitioner’s counsel, Senior Advocate of Nigeria Babatunde Oni, on Wednesday, September 30, 2026.
Acting Zonal Director Assistant Commander of the EFCC (ACE I), Bawa Usman Kaltungo, oversaw the handover and reaffirmed the agency’s resolve to recover proceeds of crime and return them to rightful owners.
How the Fraud Unfolded
According to the EFCC, the victim developed interest in a parcel of land at Iya Oloye Crescent, off Ikorodu Road, Lagos, in October 2024.
The property was offered for N150 million and introduced by Olalekan Kazeem and another individual known as Alfa.
The buyer engaged Bolanle Bamgbose & Associates, a law firm represented by Adeola Ibrahim and principal Bolanle Bamgbose, to handle due diligence and negotiations with the purported seller’s representative, identified as Monsuru, popularly called “Area.”
In the course of the transaction, the petitioner paid a total of **N167,575,000**. This included N163 million to the law firm, N3 million to agent Olalekan Kazeem, and N1.575 million to a surveyor.
After the payments, the buyer could not take possession of the land due to a dispute over ownership.
Attempts to secure the property or obtain a refund proved unsuccessful, prompting a formal petition to the EFCC alleging obtaining money by false pretence, conspiracy, and extortion.
EFCC Intervention and Partial Recovery
Investigation by the Commission traced and recovered N107 million of the lost funds. Officials described the restitution as part of ongoing efforts to recover the full N167.575 million allegedly involved in the deal.
During the formal presentation of the bank drafts, ACE I Bawa Usman Kaltungo emphasized that the EFCC remains committed to ensuring victims of financial crimes receive justice.
He noted that funds linked to fraudulent transactions are prioritized for recovery and return where ownership is established.
Broader Context of Property Fraud in Lagos
Real estate scams remain a persistent challenge in Lagos, one of Nigeria’s busiest property markets. The EFCC has recorded multiple similar recoveries in recent months, returning tens and hundreds of millions of naira to victims of land and property fraud.
The agency continues to urge members of the public to exercise caution, conduct thorough due diligence, and report suspicious transactions promptly.
The Commission has not released further details on the status of suspects Adeola Ibrahim, Bolanle Bamgbose, and others named in the petition, indicating that investigations remain active.
For many Nigerians who have lost life savings to property deals gone wrong, cases like this offer a measure of hope that institutional intervention can still deliver results.
The EFCC’s action underscores its dual role of investigation and victim restitution in the fight against economic and financial crimes.
news Presidency Brands Economist’s Tinubu Hate Claim Intellectual Fraud as Reforms Push On
world Hegseth Declares Commanders Back in Charge with Major IG Reforms Across War Department
news Suspected Cattle Rustlers Injure Youth in Isolated Bokkos Attack as Plateau Troops Respond
world Trump Credits US Forces as Dozens of Iranian Terror Leaders Sent Straight to Hell
politics Sowore Demands ₦500,000 Wage for INEC Staff, Threatens 2027 Election Boycott
How do you feel about this news?
Community Additions
Have a news tip, correction, or extra context about this story? Post it below instantly. All submissions appear live on this screen immediately.