The Federal High Court in Ikoyi, Lagos State, has fixed Wednesday, April 30 as the trial date for Kelechukwu Mbagwu, the Chief Executive Officer (CEO)
The Federal High Court in Ikoyi, Lagos State, has fixed Wednesday, April 30 as the trial date for Kelechukwu Mbagwu, the Chief Executive Officer (CEO) of CMB Building Maintenance and Investment Company Limited, for N1 billion fraud.
Mbagwu alongside his company, CMB Building Maintenance and Investment Company Limited, are facing charges of conspiracy, obtaining by false pretenses, and committing a fraud amounting to N1,026,968,433 following an investigation by the Police Special Fraud Unit (PSFU) in Ikoyi, Lagos.
Originally, Mbagwu and his company were set to appear in court on Wednesday, February 12 but the hearing was postponed until April due to their absence.
The charges, dating back to 2019, accuse Mbagwu and his company of fraudulently presenting a sold property in Oniru, Victoria Island, Lagos, to Access Bank in order to secure a loan of over N1 billion.
Mbagwu and CMB Building are also accused of misappropriating the loan funds for personal use.
He was charged for violations of Section 8(i)(a) and Section 1(i)(a) of the Advance Fee Fraud and Other Fraud-Related Offenses Act, No. 14 of 2006, punishable under Section 1(3) of the same Act.
Mbagwu is also facing charges for violations of Section 18(2)(b)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, punishable under Section 18(3) of the Act.
The charges read, “That you Kelechukwu Mbagwu (Managing Director), CMB Building Maintenance & Investment Co. Ltd, and other directors (now at large), sometime in 2019, in Lagos, with intent to defraud, conspired to commit felony by obtaining money by false pretence, an offence contrary to Section 8(i)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006.
“That you, Kelechukwu Mbagwu, did falsely present to Access Bank, claiming that the property located in Oniru, Victoria Island, was owned by you and that you had title to it at the time of the transaction, while knowing that the property had already been sold to a third party without disclosing this to the bank.
“This misrepresentation is an offence under Section 1(i)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006.
“That you, Kelechukwu Mbagwu, directly or indirectly converted, transferred, retained, or took possession of N1,026,968,433 belonging to Access Bank Plc, knowing that the funds were proceeds of an unlawful act, in violation of Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
