EFCC ARRAIGNS TWO BROTHERS OVER ALLEGED N3.2M PROPERTY FRAUD IN RIVERS
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By Aishat Momoh. O.
The Economic and Financial Crimes Commission has arraigned two brothers, Cypril Nwalaezi and Smart Nwalaezi, before the Federal High Court in Port Harcourt over an alleged N3.2 million property fraud.
The defendants were arraigned on Thursday by the Port Harcourt Zonal Directorate of the EFCC before Justice S. D. Pam on an amended five-count charge bordering on conspiracy and obtaining money by false pretence.
The anti-graft agency disclosed the development in a statement shared on its official X handle on Friday.
According to the EFCC, Cypril allegedly fraudulently obtained N2.75 million from one Franklin Nwachukwu after falsely claiming he had a valid and subsisting title to a parcel of land measuring 1,150.805 and 1,295.771 square metres located along Umuasukpo Farm Road in Igbo-Etche, Etche Local Government Area of Rivers State.
The charge reads in part: “That you, Cypril Nwalaezi, on or about the 17th October, 2022 at Port Harcourt, within the jurisdiction of this Honourable Court, with intent to defraud and by false pretence that you had valid and subsisting title to a parcel of land… induced Mr. Franklin Nwachukwu to purchase the same and obtained the sum of N2,750,000 from him.”
The EFCC also accused Smart Nwalaezi of obtaining N450,000 from the same victim on November 3, 2022, after allegedly misrepresenting ownership of another parcel of land measuring 467.912 square metres in the same location.
According to the commission, the alleged offences contravene Sections 1(1)(b) and (c) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and are punishable under Section 1(3) of the Act.
The two defendants pleaded not guilty to the charges.
Following their pleas, prosecution counsel, C. Okorie, requested a trial date and urged the court to remand the defendants in the custody of the Nigerian Correctional Service pending trial.
However, counsel to the first defendant, R. O. Agbabo, informed the court of a pending bail application and urged the court to grant her client bail to enable him prepare for trial.
Similarly, counsel to the second defendant, M. M. Nweke, applied for bail on liberal terms for his client.
Justice Pam granted Cypril Nwalaezi bail in the sum of N500,000 with one surety in like sum, who must own landed property and reside in Port Harcourt.
The court also granted Smart Nwalaezi bail in the sum of N50,000 with one surety in like sum but ordered that both defendants remain at the Port Harcourt Correctional Centre pending the fulfilment of their bail conditions.
The matter was adjourned until September 17, 2026, for the commencement of trial.
The EFCC said the case stemmed from a petition filed by the complainant in June 2024 after he discovered in December 2023 that the properties he had purchased had allegedly been resold by the defendants to other buyers.
According to the commission, investigations revealed that the brothers conspired to resell the disputed properties for a total of N3.2 million despite having previously sold them to the petitioner.
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