EFCC Returns N125 Million to Lagos Businessman Defrauded in Land Deal

The Economic and Financial Crimes Commission (EFCC) has successfully recovered and returned N125 million to a Lagos businessman, Akinsewa Akiode, who was defrauded in a land deal. The commission presented the funds to Mr. Akiode on Thursday.

The investigation stemmed from a petition filed by Mr. Akiode, who alleged that Olufemi Fashehun collected the N125 million for a plot of land in Oregun, Lagos. Mr. Akiode later discovered the property was entangled in litigation dating back to 2011, a crucial detail the seller allegedly concealed.

According to the EFCC, its investigation confirmed that Mr. Fashehun was aware of the ongoing legal disputes and injunctions against developing the property but proceeded with the transaction. This resulted in Mr. Akiode losing both the land and any structures he had begun to build.

The EFCC recovered the full amount from the suspect and facilitated its return to Mr. Akiode via Sterling Bank drafts. The commission reiterated its commitment to investigating financial crimes, recovering stolen assets, and ensuring victims are compensated.

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The commission will continue to investigate economic and financial crimes, recover illicit proceeds and ensure victims receive restitution where possible.