EFCC Hands Over N80m Recovered Funds To Businessman

The Economic and Financial Crimes Commission (EFCC) has handed over N80 million recovered from a businessman accused of selling a 146-acre property to another businessman without transferring ownership of the land.

In a statement on X on Thursday, the EFCC said the Acting Zonal Director of its Benin Zonal Directorate, DCE Sa’ad Hanafi Sa’ad, handed over a draft of the recovered N80 million to 42-year-old businessman, Ifeanyi Innocent Madueke, on Wednesday, September 24, 2026.

The commission said Madueke had purchased 146 acres of land in a community in Delta State from Austine Muanya Okafor for N232.8 million.

However, Madueke was unable to take possession of the property despite completing payment, prompting him to approach Okafor for a refund.

According to the EFCC, Madueke’s efforts to recover his money were unsuccessful, leading him to petition the commission.

The EFCC said investigation established that Madueke transferred the money to the suspect in three tranches.

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Presenting the recovered funds, Sa’ad said the commission would continue to discharge its responsibilities professionally and with utmost integrity.

He also warned that fraudsters would not be allowed to benefit from illicit activities.

Receiving the N80 million draft, Madueke expressed appreciation to the EFCC, saying he had almost lost hope before petitioning the commission.

“I am grateful to the Commission for what they have done. I had lost hope before I came to EFCC. I thank the management and staff for the good work they are doing,” he said.

The EFCC said the recovery formed part of its efforts to investigate financial crimes and recover proceeds of fraudulent transactions.