Matilda Omonaiye/
A Federal High Court in Lagos has scheduled April 30 for the arraignment of Kelechukwu Mbagwu, CEO of CMB Building Maintenance & Investment Company Limited, over allegations of conspiracy, obtaining money by false pretence, and a N1.02 billion fraud.
Mbagwu and his company are being prosecuted by the Police Special Fraud Unit (PSFU), Ikoyi, for allegedly using a previously sold property in Oniru, Victoria Island, Lagos, as collateral to secure a N1,026,968,433 loan from Access Bank in 2019.
The case was initially set for February 12, but was adjourned after the defendants failed to appear in court.
According to the charge sheet, Mbagwu is accused of falsely representing ownership of the property, securing the loan under fraudulent pretenses, and diverting the funds for personal use. The charges are in violation of the Advance Fee Fraud and Other Related Offences Act, 2006, and the Money Laundering (Prevention and Prohibition) Act, 2022.
If convicted, he faces severe penalties, including long-term imprisonment.
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