Two Brothers Arraigned by EFCC Over Alleged N3.2 Million Land Fraud

• The EFCC has arraigned two brothers before a Federal High Court in Port Harcourt over an alleged N3.2 million land fraud involving the resale of properties already sold to a buyer.

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 property fraud.

The brothers were arraigned by the Port Harcourt Zonal Directorate of the anti-graft agency before Justice S. D. Pam on an amended five-count charge bordering on conspiracy and obtaining money by false pretence.

According to the EFCC, the defendants allegedly deceived a buyer into purchasing parcels of land in Igbo-Etche, Etche Local Government Area of Rivers State, by falsely claiming they had valid ownership of the properties.

One of the charges alleged that Cypril Nwalaezi, on October 17, 2022, fraudulently sold a parcel of land measuring 1,150.805 and 1,295.771 square metres to Mr. Franklin Nwachukwu, collecting ₦2.75 million under the pretence that he had a valid title to the property.

A separate charge accused Smart Nwalaezi of similarly obtaining ₦450,000 from the same buyer on November 3, 2022, after allegedly claiming ownership of another parcel of land measuring 467.912 square metres in the same area.

The offences are said to contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

When the charges were read in court, both defendants pleaded not guilty.

Following their pleas, prosecution counsel C. Okorie requested a trial date and urged the court to remand the defendants in the custody of the Nigerian Correctional Service pending trial.

Counsel to the first defendant, R. O. Agbabo, informed the court that a bail application had already been filed and asked that Cypril be granted bail to enable him prepare his defence.

Similarly, counsel to the second defendant, M. M. Nweke, also applied for bail, urging the court to grant his client liberal bail conditions.

Justice Pam subsequently granted Cypril Nwalaezi bail in the sum of ₦500,000 with one surety in like sum. The surety must own landed property and reside in Port Harcourt.

The court also granted Smart Nwalaezi bail in the sum of ₦50,000 with one surety in like sum but ordered that both defendants remain in custody at the Port Harcourt Correctional Centre until they meet their bail conditions.

The matter was adjourned until September 17, 2026, for the commencement of trial.

According to the EFCC, the case began after the complainant, Franklin Nwachukwu, petitioned the commission in June 2024, alleging that he discovered in December 2023 that the same properties he had purchased had been resold to other buyers.

The anti-graft agency said its investigation revealed that the two brothers allegedly conspired to resell the properties after receiving payment from the original buyer, leading to the fraud charges now before the court.