A Federal High Court sitting in Lagos, has fixed April 30, for the arraignment of Kelechukwu Mbagwu, the Chief Executive Officer of CMB Building Maintenance & Investment Company Limited, over alleged conspiracy and obtaining by false pretence the sum of N1,026,968,433.00.
Mbagwu is to be arraigned before the court on the charges preferred against him by the operatives of Police Special Fraud Unit (PSFU), Ikoyi, Lagos, alongside his company.
Both Mbagwu and his company were initially scheduled for arraignment of the charges on February 12, the court, however, adjourned the matter to April 30 due to the absence of the defendants.
In the charge, Mbagwu and his company, CMB Building Maintenance & Investment Company Limited were alleged to have committed the offences sometimes in 2019.
Specifically, the defendants were alleged to have falsely presented to Access Bank, an already sold property situated at Oniru Estate in Victoria-Island, Lagos, which he used to obtain a loan facility of N1,026,968,433.00 from the bank.
He was also alleged to have unlawfully converted the said N1,026,968,433.00, to his personal use.
The offences, according to the police, are contrary to 8(i)(a) and 1(i)(a) and punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, No. 14 of 2006.
The offence is also contrary to Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Charges against the defendants read: “That you Kelechukwu Mbagwu ‘m’ CMB Building Maintenance & Investment Co. Ltd and other Directors of the Company (now at large) sometimes in 2019 in Lagos, within the jurisdiction of the Lagos Judicial Division of the Federal High Court, with intent to defraud did conspire to commit felony to wit: obtaining money by false pretence thereby committed 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 ‘m’ (Managing Director), CMB Building Maintenance & investment Co. Ltd and other Directors of the Company (now at large) sometimes in 2019, in Lagos within the aforementioned judicial Division of the Federal High Court, with intent to defraud Access Bank Plc of the sum of N1,026,968,433 (One Billion, Twenty Six Million, Nine Hundred and Sixty Eight Thousand, Four Hundred and Thirty Three Naira) and did falsely presenting to the bank, through its staff, that you were a genuine, reliable and trustworthy customer of the bank, and that the property situated at Oniru in Victoria Island, Lagos was used to obtain loan facility from the bank claiming it belongs to you and that as at the time you presented the property’s documents to the bank, you have title to the property and that you have the power, right and authority over the said property whereas you had already sold the property to the third party without disclosing same to the bank at the time of the transaction. Which representation you knew to be false….and thereby committed an offence contrary to Section 1(i) (a) of the Advance Fee Fraud and other fraud related offences Act No. 14 of 2006 and Punishable Under Section 1(3) of the same Act.
“That you Kelechukwu Mbagwu ‘m’ Managing Director, CMB Building Maintenance & Investment Co. Ltd and other Directors of the Company (now at large) sometimes in 2019, in Lagos State, in the aforementioned Judicial Division of Federal High Court, Lagos, did directly or indirectly converts, transfers, retains, takes possession or control of N1, 026, 968, 433 (One Billion, Twenty Six Million, Nine Hundred and Sixty Eight Thousand, Four Hundred and Thirty Three Naira) belonging to Access Bank Plc, which you intentionally, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
