The EFCC has arraigned brothers Cypril Nwalaezi and Smart Nwalaezi before a Federal High Court in Port Harcourt over an alleged N3.2 million property fraud involving double sale of land in Etche Local Government Area
The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission on Thursday arraigned two brothers, Cypril Nwalaezi and Smart Nwalaezi, before Justice S. D. Pam of the Federal High Court in Port Harcourt on an amended five-count charge bordering on conspiracy and obtaining money by false pretences.
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The charges relate to the alleged fraudulent sale of parcels of land at Umuasukpo Farm Road in Igbo-Etche, Etche Local Government Area of Rivers State, to the tune of N3,200,000.
One count alleges that on or about 17 October 2022, Cypril Nwalaezi, with intent to defraud, falsely claimed valid title to land measuring 1150.805 and 1295.771 square metres and induced Mr Franklin Nwachukwu to part with N2,750,000.
A separate count accuses Smart Chinedu Nwalaezi of a similar offence on or about 3 November 2022, obtaining N450,000 from the same complainant for another parcel measuring 467.912 square metres.
Both brothers pleaded not guilty to the charges.
Prosecution counsel C. Okorie requested a trial date and remand in the Nigeria Correctional Service custody, while defence counsel sought bail for their clients.
Justice Pam granted bail to Cypril Nwalaezi in the sum of N500,000 with a surety of like sum who must own landed property and reside in Port Harcourt.
He granted Smart Nwalaezi bail in the sum of N50,000 with a similar surety and ordered remand pending fulfilment of the conditions. The judge adjourned the matter to 17 September 2026 for the commencement of trial.
The case came to light in June 2024 after the victim, Nwachukwu, petitioned the EFCC upon discovering in December 2023 that the same properties had been resold to other buyers.
Investigations reportedly revealed that the brothers allegedly conspired to resell the lands for a total of N3,200,000.
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The development highlights ongoing efforts by the EFCC to tackle property-related fraud, a persistent issue that undermines public trust and economic stability in the real estate sector.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
