The Economic and Financial Crimes Commission (EFCC) has returned ₦125 million recovered from an alleged land fraud case to Lagos businessman Akinsewa Akiode.
The Lagos Zonal Directorate 2 of the commission handed over the money to Akiode in Sterling Bank drafts on Thursday, 6 August 2026, after concluding its investigation into the complaint.
Akiode had petitioned the EFCC against Olufemi Omoola Fashehun, alleging that he paid ₦125 million for a 550-square-metre property at 10 Kudirat Abiola Way, Oregun, Lagos.
According to the petitioner, the seller failed to disclose that the property was the subject of a court case that had been pending since 2011. The dispute reportedly included court orders restraining construction on the land.
The EFCC said its investigation showed that Fashehun had been served with several court processes, including injunctions preventing him from carrying out construction on the property, but did not reveal the information before receiving the purchase money.
Akiode subsequently lost both the property and the structures he had begun developing on it, prompting him to seek the intervention of the anti-graft agency. The EFCC later recovered the full ₦125 million from the suspect and returned it to the petitioner as restitution.
Speaking during the handover, Acting Zonal Director of the Lagos Zonal Directorate 2, Assistant Commander of the EFCC Bawa Usman Kaltungo, reaffirmed the commission’s commitment to investigating economic and financial crimes, recovering proceeds of crime and returning funds to victims where appropriate.