The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned two brothers, Cypril and Smart Nwalaezi, before Justice S. D. Pam of the Federal High Court, Port Harcourt, over alleged property fraud involving ₦3.2 million.
According to a statement posted on the EFCC’s X handle on Friday, the defendants were arraigned on Thursday on an amended five-count charge bordering on conspiracy and obtaining money under false pretence.
Prosecutors alleged that the brothers fraudulently sold separate parcels of land located along Umuasukpo Farm Road in Igbo-Etche, Etche Local Government Area of Rivers State, by falsely claiming ownership of valid and subsisting titles.
In one of the counts, Cypril Nwalaezi was accused of, on or about October 17, 2022, deceiving a buyer, Mr Franklin Nwachukwu, into purchasing a parcel of land measuring 1,150.805 and 1,295.771 square metres for ₦2.75 million.
Another count alleged that Smart Nwalaezi, on November 3, 2022, similarly induced the same complainant to purchase another parcel of land measuring 467.912 square metres for ₦450,000 under false pretences.
The offences, according to the EFCC, 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 same Act.
Both defendants pleaded not guilty.
Prosecution counsel, C. Okorie, requested a trial date and asked the court to remand the defendants in the custody of the Nigeria Correctional Service, Port Harcourt, pending trial.
However, defence counsel informed the court of pending bail applications and urged the court to grant bail on liberal terms to enable the defendants prepare their defence.
Justice S. D. Pam granted Cypril Nwalaezi bail in the sum of ₦500,000 with one surety in like sum, who must own landed property and reside within Port Harcourt.
Smart Nwalaezi was granted bail in the sum of ₦50,000 with one surety in like sum. The court ordered that he be remanded in the Port Harcourt Correctional Centre pending fulfilment of his bail conditions.
The case was adjourned to September 17, 2026 for commencement of trial.
According to the EFCC, the case stemmed from a June 2024 petition by Mr Nwachukwu, who alleged that he discovered in December 2023 that the same properties he purchased had been resold to other buyers.
Investigations by the commission reportedly revealed that the defendants conspired to resell both properties for a total of ₦3.2 million.
