The Economic and Financial Crimes Commission (EFCC) has recovered N27 million belonging to the Federal University of Agriculture, Abeokuta (FUNAAB), ending a 15-year dispute linked to a failed property acquisition deal.
The Vice Chancellor of the institution, Professor Olusola Babatunde Kehinde, disclosed that the funds were originally paid in 2011 for the purchase of properties intended to serve as the university’s Abuja liaison office and guest house.
According to the university management, the transaction could not be completed due to legal and administrative complications, preventing FUNAAB from taking possession of the properties despite making payment years earlier.
Professor Kehinde explained that several attempts were made to resolve the issue without success before the institution eventually sought the intervention of the EFCC.
The anti-graft agency reportedly investigated the matter for about two years before successfully recovering the N27 million, which was remitted to the university in April 2026.
FUNAAB also confirmed that individuals connected to the disputed transaction have been arraigned in court by the Commission as part of ongoing legal proceedings.
Commending the EFCC for the recovery, the Vice Chancellor described the development as a major institutional achievement and a positive example of accountability in the management of public funds.
“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,” Kehinde stated.
The recovery comes amid increasing efforts by anti-corruption agencies to strengthen transparency and recover public funds tied to disputed transactions and fraudulent activities across Nigeria.
