RismadarVoice Reporters
October 5, 2026
The Economic and Financial Crimes Commission, EFCC, has handed over ₦107 million recovered in connection with an alleged property fraud to a victim in Lagos State.
The recovered funds were presented in bank drafts by the commission’s Lagos Zonal Directorate 2, Ikoyi, through the victim’s counsel, Babatunde Oni, SAN.
The recovery followed an investigation into a petition alleging obtaining money by false pretence, conspiracy and extortion against Adeola Ibrahim, Bolanle Bamgbose and others.
According to the petition, the victim became interested in purchasing a parcel of land at Iya Oloye Crescent, off Ikorodu Road, Lagos, in October 2024.
The property was reportedly introduced to him by Olalekan Kazeem and another individual identified as Alfa and was offered for ₦150 million.
The prospective buyer subsequently engaged Bolanle Bamgbose & Associates to conduct due diligence and facilitate the transaction with a person identified as Monsuru, also known as “Area,” who was presented as a representative of the property owner.
The petitioner said he made several payments in connection with the proposed purchase, including ₦163 million to the law firm, ₦3 million to Kazeem and ₦1.575 million to a surveyor.
The payments amounted to ₦167.575 million.
However, the buyer was reportedly unable to take possession of the property after a dispute emerged over ownership of the land.
Attempts to secure possession or recover the money were unsuccessful, leading to a petition to the EFCC.
During the handover of the recovered funds on September 30, Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, Assistant Commander Bawa Usman Kaltungo, reaffirmed the commission’s commitment to recovering proceeds linked to financial crimes and returning them to victims where appropriate.
The ₦107 million recovered represents part of the ₦167.575 million allegedly lost in the transaction.
The EFCC said efforts were continuing to recover the outstanding amount.
The allegations against the individuals named in the petition remain subject to the applicable investigative and judicial processes.
