The Economic and Financial Crimes Commission (EFCC) has arraigned two brothers, Cypril Nwalaezi and Smart Chinedu Nwalaezi, before the Federal High Court in Port Harcourt over an alleged N3.2 million land fraud.
The defendants appeared before Justice S. D. Pam on Thursday to answer an amended five-count charge bordering on conspiracy and obtaining money under false pretence.
According to the EFCC, Cypril allegedly deceived a buyer, Franklin Nwachukwu, into paying ₦2.75 million for a parcel of land located along Umuasukpo Farm Road in Igbo-Etche, Etche Local Government Area of Rivers State by falsely claiming to have a valid title to the property.
The anti-graft agency also accused Smart of using a similar false representation to obtain an additional ₦450,000 from the same buyer for another parcel of land in the same location.
The brothers pleaded not guilty to the charges.
Following their arraignment, prosecution counsel C. Okorie requested a trial date and asked the court to remand the defendants in the custody of the Nigerian Correctional Service pending trial.
Counsel to both defendants informed the court that bail applications had already been filed and urged the judge to grant their clients bail to enable them prepare for their defence.
Justice Pam admitted Cypril Nwalaezi to 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 Chinedu Nwalaezi bail in the sum of ₦50,000 with one surety in the same amount.
Both defendants were, however, ordered to remain at the Port Harcourt Correctional Centre until they satisfy their respective bail conditions.
The matter was adjourned until September 17, 2026, for the commencement of trial.
According to the EFCC, the case originated from a petition filed by the complainant in June 2024 after he allegedly discovered that the parcels of land he purchased from the defendants had been resold to other buyers.
Investigations by the Commission allegedly revealed that the brothers conspired to sell the same properties multiple times, resulting in losses estimated at ₦3.2 million.
