The Economic and Financial Crimes Commission (EFCC) has handed over a draft of N80 million to businessman Ifeanyi Innocent Madueke, representing part of the money recovered during an investigation into a disputed land transaction.
The commission said the funds were recovered from Austine Muanya Okafor, who allegedly sold 146 acres of land to Madueke without delivering the property to him.
The draft was presented to Madueke on Wednesday, September 24, 2026, by the Acting Zonal Director of the EFCC’s Benin Zonal Directorate, Deputy Commander of the EFCC (DCE) Sa’ad Hanafi Sa’ad.
According to the EFCC, Madueke, 42, had purchased the land in a community in Delta State for N232.8 million.
However, the businessman was reportedly unable to take possession of the property despite efforts to establish ownership.
Madueke Petitions EFCC
The EFCC said Madueke approached Okafor to request a refund after his efforts to take possession of the land failed.
The commission said the refund request was unsuccessful, prompting Madueke to petition the anti-graft agency.
Following the petition, EFCC operatives began investigating the transaction.
The commission said its investigation established that Madueke transferred the money to Okafor in three separate tranches.
The EFCC’s statement did not provide the dates or individual amounts of the three transfers.
It also did not state that the entire N232.8 million had been recovered.
Instead, the commission described the N80 million handed over to Madueke as money recovered by its operatives from Okafor during the investigation.
EFCC Hands Over N80m
Presenting the recovered funds, Sa’ad said the EFCC would continue to carry out its responsibilities professionally and with integrity.
He also warned individuals involved in fraudulent activities.
“Fraudsters will never be allowed to reap where they did not sow,” Sa’ad said, according to the commission’s statement.
The handover gives Madueke access to N80 million recovered during the investigation into the disputed transaction.
The circumstances surrounding the remaining N152.8 million reportedly paid for the property were not disclosed in the EFCC statement.
The commission also did not provide details on whether additional funds or assets connected to the transaction were still being pursued.
Businessman Says He Had Lost Hope
Receiving the draft, Madueke expressed appreciation to the EFCC and its officials.
He said he had almost abandoned hope of recovering any money before approaching 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.
Madueke’s comments followed the completion of the recovery process that led to the N80 million handover.
The EFCC’s statement did not disclose the current status of the 146-acre property.
It also did not state whether Madueke would eventually obtain possession of the land or whether the underlying ownership dispute remained unresolved.
Alleged Land Sale Under Investigation
The EFCC described Okafor as the person who allegedly sold the landed property to Madueke without delivering it to him.
The allegation has not been presented as a court judgment establishing criminal liability.
The commission’s statement focused on the recovery of funds following Madueke’s petition and did not announce a conviction arising from the transaction.
The agency also did not disclose whether charges had been filed against Okafor in connection with the alleged transaction.
Further legal or investigative proceedings would be required to determine the ultimate status of any allegations against the suspect.
The EFCC’s use of the term “allegedly” is therefore significant in reporting the case, as the claims against Okafor remain allegations rather than established facts.
Recovery Follows Wider EFCC Enforcement
The Madueke case comes as the EFCC continues to report financial recoveries arising from investigations and petitions.
On September 24, the commission was also reported to have announced N1.233 trillion in recoveries and 10,872 convictions over a 34-month period under Chairman Ola Olukoyede.
The commission has continued to encourage members of the public who believe they have been victims of financial crimes to submit petitions for investigation.
The Madueke case illustrates one route through which such a petition can lead to the recovery and eventual return of funds.
However, the N80 million payment should not be interpreted as confirmation that Madueke has recovered the entire amount he reportedly paid for the land.
The businessman paid N232.8 million according to the EFCC’s account, while the amount handed over on Wednesday was N80 million.
The agency has not publicly provided further details on the remaining amount in the statement announcing the handover.
Investigation Status Remains Relevant
The EFCC’s intervention provides a partial financial recovery for Madueke, but questions surrounding the disputed property remain.
The commission did not state whether the land has been returned to Madueke, whether another ownership arrangement has been established or whether further recovery proceedings are underway.
It also did not provide details about the legal status of the property in Delta State.
For now, the confirmed development is that the EFCC recovered N80 million during its investigation and handed the funds to Madueke through a draft presented by the Acting Benin Zonal Director.
The commission said it would continue to perform its duties with professionalism and integrity.
For Madueke, the recovery represents a significant development after he said he had nearly lost hope of recovering money from the disputed transaction.
The case also highlights the importance of due diligence in major property transactions, although the EFCC’s statement did not provide specific details about the circumstances under which the original land purchase was conducted.
Further information from the commission or any subsequent court proceedings would be required to establish what happens to the disputed property and whether additional funds are recovered.
