Mrs Olejeme was one of the Chief Executives of government agencies sacked by President Muhammadu Buhari on Monday.
During the search on the house whose location is yet to be disclosed, at least $500,000 was said to have been recovered from the house.
Olejeme has been accused of being a cesspool of fraud since her emergence as the Chairman of Board of that organization.
According to sources, a lot of scandals under her watch has been perpetrated in the organization.
Among other fraud schemes, Olejeme is said to have used Trustfund Pensions Plc, which is a company incorporated in Nigeria and is licensed by the National Pension Commission, the pension regulatory body, as a pension fund Administrator in accordance with the provisions of the Pension Reform Act 2004 to perpetrate many frauds in office.
In 2015, she donated N700m to the campaign of former President Goodluck Jonathan.