The Economic and Financial Crimes Commission (EFCC) has arraigned two brothers, Cypril Nwalaezi and Smart Nwalaezi, before the Federal High Court in Port Harcourt over an alleged N3.2 million land fraud.
The defendants were arraigned 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.
According to the anti-graft agency, the brothers allegedly fraudulently sold parcels of land to a buyer by claiming they had valid and subsisting titles to the properties.
One of the charges alleged that Cypril Nwalaezi, on October 17, 2022, falsely represented that he had a valid title to a parcel of land located along Umuasukpo Farm Road, Igbo-Etche, Etche Local Government Area of Rivers State, and obtained N2.75 million from Franklin Nwachukwu after inducing him to purchase the property.
The EFCC also alleged that Smart Nwalaezi, on November 3, 2022, made a similar representation regarding another parcel of land in the same area and obtained N450,000 from the same complainant.
According to the Commission, the offences contravene Section 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 all charges.
Following their pleas, prosecuting counsel C. Okorie asked the court to fix a trial date and remand the defendants in the custody of the Nigerian Correctional Service pending trial.
Counsel to the first defendant, R. O. Agbabo, and counsel to the second defendant, M. M. Nweke, separately urged the court to grant their clients bail to enable them prepare for trial.
In his ruling, 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. Both defendants were ordered to be remanded at the Port Harcourt Correctional Centre pending the fulfilment of their bail conditions.
The matter was adjourned to September 17, 2026, for the commencement of trial.
According to the EFCC, the case originated from a petition submitted by the complainant in June 2024, after he allegedly discovered that the same properties he had purchased were resold to other buyers.
The Commission said its investigation revealed that the defendants allegedly conspired to resell the disputed properties, resulting in losses amounting to N3.2 million.
