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Monday, 9 September 2019

EFCC Quizzes Real Estate Mogul, Kelechukwu Mbagwu over fraud

EFCC Quizzes Real Estate Mogul, Kelechukwu Mbagwu over fraud 



One of the big names in Real Estate Industry of Nigeria, Mr. Kelechukwu Mbagwu is currently swimming in the water of trouble and the wind of petitions slammed against him may dent his image and the integrity that he had illustriously built for close to three decades if not curtailed.


Mbawgu, the Chief Executive Officer of CMB Building Maintenance and Investment Company Limited, we gathered has been having it raw for over two months with investigators at the Ikoyi, Lagos office of Economic and Financial Crimes Commission (EFCC) over fraudulent transactions with Wema Bank PLC.


The successful House Builder who is the current President of Nigerian Rugby Federation is also answering questions from the anti-graft agency for fraudulently using some already sold out properties situated in Pearl Garden and Peal Nuga Estates built by CMB at Sangotedo, along Lekki-Epe express way, Lagos State to obtain bank loans.


A reliable source at EFCC told our correspondent that the loans, totalling at about #250million has not been paid by Mbagwu’s firm, prompting Wema Bank to approach a Lagos division of Federal High Court presided over by Justice Olayinka Faji to seek for an order to take over the properties, a 7-unit detached duplexes 3 blocks located at Pearl Nuga Estate valued at #324million used as collateral for the loans pending the conclusion of substantial suit.


The leadership of Pearl Nuga and Pearl Garden Estates had in a petition sent to EFCC, a copy of which has been obtained by our correspondent alleged that affected home owners namely; Bridget Eko, Osagie, Ainiehnoho Jude, Mr. Akinola Alabi, Mrs Oluwadara Alabi, Nosakhare Igbinobi, Mr and Mrs Micheal Bassey, Mr Oyeleke Jegede, Mr Larry Amaraibi and Amos Gaga had paid Mbagwu and his company 100% for their houses and had taken possession years ago.


They alleged in their petition that Mbagwu fraudulently withheld the title deeds of the houses from the affected owners so that he could continuously be using them to carry out illegal bank transactions.


The House Owners according to the petition said they got a wind of the matter when CMB started having issues with Wema Bank, prompting them to carry out due diligence investigation which revealed that all the properties inside the two estates paid for by them actually belong to Kelechukwu Mbagwu in the face of law.


“Some of us have been here for one decade; Mbagwu has refused to give us the title of our properties. He has been using our properties to seek for bank loans unknown to us. The Last one that he has been unable to pay to Wema Bank is the one that opened our eyes to the fact that all the buildings inside the two estates built by us actually belong to Mbagwu’s company because the title belong to him as we speak”, the house owners stated in their fresh petition.


Our correspondent confirmed that he sighted two weeks ago at EFCC office in Ikoyi looking distrust, gloomy and dejected.


A reliable source at EFCC said Mbagwu has been reporting three times weekly at the Ikoyi office of the anti-graft agency since June this year. He stated that he has not been arraigned in court because some powerful people are begging on his behalf.


“We may arraign him soon. He has been making moves to ensure that he is not arraigned in court so as to save his image but luck may soon ran out of him because we have established a strong case against him. He is still having his way because of some powerful people that are pleading on his behalf” a source at EFCC who doesn’t want his name mentioned because he’s not permitted to speak on the matter told our correspondent.


Meanwhile, CMB in a statement signed by a Lawyer, Ifeoma Ogoh denied any allegation of wrongdoing against the aggrieved homeowners.

 

Ogoh said: “The mission of the House Owners is to oust our client from continuing to serve as facility managers of the estates in question; a role that our client has played competently and effectively from inception.”

 

She claimed that they also push their agenda by latching on to anything that will drive their faulty narrative, adding that the group of individuals behind the publication is already embroiled in scandal involving embezzlement and misappropriation of funds.

 

“Allegations by this faceless group are false and unsubstantiated. It is instructive that they had approached the courts of law thrice and each time, the cases were struck out.

 

“The false allegations appear to be an attempt to malign Mr. Mbagwu in the court of public opinion having constituted themselves prosecutor and judge, in the absence of a case in the court of law,” the firm claimed.

 

Ogoh further stated that there is no possession order whatsoever on any of the company’s properties anywhere in Nigeria.

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