EFCC RECOVERS N27M BOTCHED PROPERTY FUNDS FOR FUNAAB

ABEOKUTA — The management of the Federal University of Agriculture, Abeokuta (FUNAAB), has commended the Economic and Financial Crimes Commission (EFCC) following the successful recovery and remittance of N27 million belonging to the institution, bringing a 15-year-old fraudulent real estate transaction to a close.

​The Vice-Chancellor of the university, Professor Olusola Babatunde Kehinde, conveyed the institution’s gratitude in an official letter addressed to the Executive Chairman of the EFCC, Mr. Ola Olukoyede. In the correspondence, Kehinde lauded the anti-graft agency for its professionalism, resilience, and unwavering commitment to securing justice and safeguarding public resources.

​A 15-Year Property Dispute

​The origin of the recovered funds dates back to 2011, when the university management initiated a property arrangement in the Federal Capital Territory, Abuja. The N27 million was paid to real estate agents to acquire facilities intended for the establishment of FUNAAB’s Abuja Liaison Office and University Guest House.

​However, the project stalled indefinitely. Instead of delivering the structures, the agents entangled the transaction in a web of administrative manipulation and protracted legal bottlenecks, leaving the university without the property or its capital.

​After years of internal efforts yielded no results, the university authorities formally petitioned the EFCC to intervene. Investigations into the transaction spanned two years, during which detectives traced the funds through multiple accounts. The anti-graft agency successfully recovered the entire N27 million sum, which was officially remitted to the university’s treasury in April 2026.

​Suspects Face Prosecution

​Beyond the recovery of the capital, the EFCC has finalized its criminal investigations and formally arraigned the implicated estate agents and suspects in court for advanced fee fraud and diversion of public funds.

ADVERTISEMENT

​Reacting to the development, Professor Kehinde emphasized that the breakthrough has restored institutional confidence in public accountability frameworks.

​“The successful recovery is not only a significant institutional achievement for FUNAAB, but also part of the EFCC’s commendable success story in safeguarding public resources and strengthening public confidence in the fight against economic and financial crimes in Nigeria,” Kehinde stated.

​The Vice-Chancellor added that the intervention has profoundly reinforced the university’s trust in the integrity, efficiency, and statutory effectiveness of the commission.