EFCC Draws Line Between Fraud Probe and Property Dispute in Lagos Court

The Economic and Financial Crimes Commission (EFCC) has told a Lagos State High Court that it was never engaged to recover the N152 million paid for two luxury apartments at the centre of a high-profile property dispute in Victoria Island, firmly distancing itself from what it described as a civil transaction gone sour.

Testifying before Justice Akingbola George at the Tafawa Balewa Square division of the court, EFCC operative Emmanuel Adide said the Commission did not receive any formal request from Nigerian-American Engineer, Anthony Ugbebor, to recover funds paid to Oak Homes Limited for the disputed flats. He stressed that the anti-graft agency “is not a debt recovery organisation”.

The testimony came in a suit instituted by property developer Olukayode Olusanya and his firm, Oak Homes Limited, against Ugbebor over alleged trespass on two second-floor apartments at No. 14A Musa Yar’Adua Street, Victoria Island. The case has drawn attention, for blurring the line between criminal complaints and commercial disagreements.

Adide told the court that while the EFCC initially intervened following a petition alleging criminal breach of trust and obtaining money by false pretence, investigations later showed the matter to be civil in nature. As a result, the Commission disengaged from the dispute, and advised the parties accordingly.

He clarified that although discussions took place within the EFCC regarding a possible refund, there was no agreement or directive that the developer should sell the flats to facilitate repayment.

Compelling such a sale, Adide noted, would amount to an improper exercise of the Commission’s powers.

The EFCC witness also confirmed that Olusanya, Managing Director of Oak Homes Limited, was briefly detained when he first reported to the Commission in Abuja, but emphasised that the developer never denied receiving money from Ugbebor.

He added that the eventual refund was made after Olusanya had been granted bail, not while he was in custody.

According to Adide, the developer paid back N102 million in three bank drafts submitted to the EFCC, although he could not recall the exact number of instalments involved. He further confirmed under cross-examination that there was no written instruction from Ugbebor asking the Commission to recover the funds on his behalf.

Earlier in the proceedings, Ugbebor had told the court that he paid N152 million—about 80% of the N190 million purchase price—for the flats, describing the funds as his “life savings” totalling $400,000. He alleged that Oak Homes later denied any record of the transaction, prompting him to petition the EFCC over suspected fraud.

With the EFCC now asserting that the dispute falls outside its criminal mandate, Justice George adjourned the case until March 23, 2026, for the adoption of final written addresses, setting the stage for the court to determine whether the conflict is one of trespass, contract, or credibility.