How Lagos Businessman Got N125m Back After EFCC Land Fraud Probe
The Economic and Financial Crimes Commission (EFCC) has returned N125 million recovered during an investigation into an alleged land fraud case to a Lagos businessman, Akinsewa Akiode.
The commission disclosed this in a statement issued on Friday by its Head of Media and Publicity, Dele Oyewale.
According to the EFCC, the money was handed over to Akiode on Thursday by officials of its Lagos Zonal Directorate 2 in Ikoyi after investigations into the matter.
The investigation followed a petition by Akiode, who alleged that Olufemi Fashehun collected N125 million from him for the purchase of a 550-square-metre property at No. 10, Kudirat Abiola Way, Oregun, Lagos.
The businessman reportedly discovered after paying for the property that it had been involved in a legal dispute since 2011.
The EFCC said its investigation showed that Fashehun had received several court processes, including injunctions preventing him from developing the property, but allegedly failed to inform Akiode about the pending litigation before collecting the money.
Akiode subsequently lost both the property and structures he had started developing on the land, prompting him to petition the EFCC.
The commission said it recovered the full N125 million from Fashehun and returned the money to Akiode through Sterling Bank drafts.
Speaking during the handover, the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, Bawa Kaltungo, said the commission remained committed to investigating financial crimes, recovering proceeds of illegal activities and ensuring that victims receive restitution where possible.
The latest recovery comes weeks after the EFCC returned N108 million recovered during an investigation into an alleged fraud involving two former employees of Greenwich Planet Sun King Nigeria Limited.
The commission also recovered and handed over three houses, two vehicles and N1.1 million to a fraud victim in Ibadan in October 2025 following a court order.
The EFCC did not state whether criminal charges had been filed against Fashehun in connection with the alleged land transaction.
