CMB Building CEO, Kelechukwu Mbagwu faces N1bn fraud charges
Kelechukwu Mbagwu, the founder of CMB Building Maintenance & Investment Company Limited, is facing serious fraud charges in connection with an alleged N1 billion scam.
The Police Special Fraud Unit (PSFU) in Ikoyi, Lagos, has filed charges at the Federal High Court in Lagos accusing Mbagwu and his company of conspiring to obtain N1,026,968,433 from Access Bank through false pretenses.
According to the Police, Mbagwu and CMB Building Maintenance & Investment Company Limited falsely presented a sold property in Oniru, Victoria Island, Lagos, to Access Bank as collateral for the loan. They are also accused of misappropriating the loan funds for personal use.
The charges, filed under the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006, and the Money Laundering (Prevention and Prohibition) Act, 2022, relate to violations of Sections 8(i)(a) and 1(i)(a) of the former Act, as well as Section 18(2)(b)(d) of the latter, both of which are punishable under the respective laws.
Kelechukwu Mbagwu and his company were initially set to appear in court for arraignment on February 12, but the proceedings were adjourned to April 30 due to their absence.
CMB Building Maintenance & Investment Company Limited, founded in 2003 in Lagos, is a leading player in the real estate sector, offering services in property development, advisory, architectural design, commercial and industrial construction, as well as road construction and maintenance.
