Access Bank N1bn Fraud: CMB Building C.E.O Kelechukwu Mbagwu’s New Court Arraignment Fixed

A Federal High Court, Lagos, has fixed April 30, for the arraignment of Kelechukwu Mbagwu, the Chief Executive Officer (CEO) of CMB Building Maintenance & Investment Company Limited, over alleged conspiracy, obtaining by false pretence and N1, 026, 968, 433.00 billion fraud.

Kelechukwu is to be arraigned before the court on the charges preferred against him by the operatives of Police Special Fraud Unit (PSFU), Ikoyi, Lagos, alongside his company.

Both Kelechukwu Mbagwu and his company were scheduled for arraignment of the charges on February 12. The court however adjourned the matter to April due to the absence of the defendants.

In the charge, Kelechukwu and his company, CMB Building Maintenance & Investment Company Limited, were alleged to have committed the offences sometimes in 2019. 

Specifically, Kelechukwu and his company were was alleged to have  falsely presented to Access bank an already sold property situated at Oniru In Victoria-Island, Lagos, which he used to obtain a loan facility of N1, 026, 968, 433.00 billion, from the bank. 

He was also alleged to have unlawfully converted the said N1, 026, 968, 433.00 billion, to his personal use 

The offences according to the police are contrary to 8(i)(a) and 1(i)(a) and punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, No. 14 of 2006. 

The offence is also contrary to Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022. 

Charges against the defendants read: “That you Kelechukwu Mbagwu ‘m’ CMB Building Maintenance & Investment Co. Ltd and other Directors of the Company (now at large) sometimes in 2019 in Lagos, within the jurisdiction of the Lagos Judicial Division of the Federal High Court, with intent to defraud did conspire to commit felony to wit: obtaining money by false pretence thereby committed offence contrary to Section 8(i)(a)  and punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, No. 14 of 2006. 

“That you Kelechukwu Mbagwu ‘m’ (Managing Director), CMB Building Maintenance & investment Co. Ltd and other Directors of the Company (now at large) sometimes in 2019, in Lagos within the aforementioned judicial Division of the Federal High Court, with intent to defraud Access Bank Plc with the sum of N1, 026, 968, 433 (One Billion, Twenty Six Million, Nine Hundred and Sixty Eight Thousand, Four Hundred and Thirty Three Naira) did falsely presenting to the bank through its staff an officers that you were a genuine, reliable and trustworthy customer of the bank and the property situated at Oniru In Victoria Island Lagos you use to obtain loan facility from the bank belongs to you and that as at the time you presented the property’s documents to the bank, you have title to the property and that you have the power, right and authority over the said Property whereas you had already sold the property to the third party without disclosing same to the bank at the time of the transaction, Which representation you knew to be false op yid not believe to be true or which You made recklessly and thereby committed an offence contrary to Section 1(i) (a) of the Advance Fee Fraud and other fraud related offences Act No. 14 of 2006 and Punishable Under Section 1(3) of the same Act. 

“That you Kelechukwu Mbagwu ‘m’ (Managing Director), CMB Building Maintenance & Investment Co. Ltd and other Directors of the Company (now at large) sometimes in 2019, in Lagos State, in the aforementioned Judicial Division of Federal High Court, Lagos, did directly or indirectly converts, transfers, retains, takes possession or control of N1, 026, 968, 433 (One Billion, Twenty Six Million, Nine Hundred and Sixty Eight Thousand, Four Hundred and Thirty Three Naira) belonging to Access Bank Plc, which you intentionally, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”