EFCC returns N125m recovered from alleged land fraud suspect to Lagos businessman
EFCC Returns N125 Million to Lagos Businessman in Land Fraud Case
The Economic and Financial Crimes Commission (EFCC) has returned N125 million to Akinsewa Akiode, a Lagos businessman, following an investigation into an alleged land fraud case.
The agency announced the refund in a statement issued Friday by Dele Oyewale, the EFCC’s Head of Media and Publicity. Akiode was presented with the funds on Thursday by officials from the EFCC’s Lagos Zonal Directorate 2 in Ikoyi, marking the conclusion of their investigation.
The inquiry was initiated after Akiode submitted a petition alleging that Olufemi Fashehun had received N125 million from him for the sale of a 550-square-meter parcel of land located at No. 10, Kudirat Abiola Way, Oregun, Lagos.
Akiode later discovered that the property had been involved in litigation since 2011, a detail allegedly withheld by the seller prior to the completion of the transaction. The EFCC’s investigation indicated that Fashehun had previously been served with multiple court orders, including injunctions prohibiting development on the property, yet failed to disclose these legal issues before accepting the payment.
As a result of the fraudulent transaction, Akiode lost both the land and the structures he began developing, prompting him to seek assistance from the EFCC.
After the agency recovered the full N125 million, it refunded the amount to Akiode through drafts from Sterling Bank.
This restitution is part of a series of recoveries made by the EFCC in recent months. Just over two weeks ago, the commission returned N108 million linked to an alleged fraud case involving two former employees of Greenwich Planet Sun King Nigeria Limited. In October 2025, the EFCC also returned three houses, two vehicles, and N1.1 million to a victim as ordered by a Federal High Court after a convicted fraudster’s assets were forfeited.
During the handover ceremony, Bawa Kaltungo, acting director of the EFCC’s Lagos Zonal Directorate 2, reiterated the agency’s commitment to investigating economic crimes, recovering proceeds from illicit activities, and ensuring restitution for victims.
The EFCC has not disclosed whether criminal charges have been filed against Fashehun in connection with the alleged fraudulent transaction.
