Fasehun had received several court processes, including injunctions preventing him from carrying out construction work on the property, but allegedly failed to inform Akiode about the pending litigation before collecting the purchase money
By Moses Okorie
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has restituted N125 million to a Lagos man after recovering the money in connection with an alleged land fraud case.
The commission announced the development in a statement published on its official X handle on Friday, saying the funds were handed over to the beneficiary, Mr Akinsewa Akiode, on Thursday through Sterling Bank drafts.
Akiode had petitioned the EFCC, alleging that Olufemi Fasehun obtained N125 million from him under the guise of selling a 550-square-metre plot of land at No. 10, Kudirat Abiola Way, Oregun, Lagos.
According to the commission, investigations revealed that the property was already involved in a legal dispute that had been before the court since 2011.
The EFCC said Fasehun had received several court processes, including injunctions preventing him from carrying out construction work on the property, but allegedly failed to inform Akiode about the pending litigation before collecting the purchase money.
The petitioner subsequently lost access to both the property and developments he had commenced on the site, prompting him to seek the intervention of the anti-graft agency.
Following its investigation, the EFCC said it recovered the entire N125 million from the suspect and subsequently returned the money to Akiode.
Speaking during the restitution exercise, the Acting Zonal Director of the Lagos Zonal Directorate 2, Mr Bawa Kaltungo, reaffirmed the commission’s determination to combat economic and financial crimes and recover funds linked to fraudulent activities.
Kaltungo, an Assistant Commander of the EFCC (ACE I), said the commission would continue to pursue restitution for victims whenever such recovery was possible.
He also urged members of the public to remain vigilant when engaging in property transactions and to conduct appropriate checks before committing substantial funds to land purchases.