The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Thursday, July 2, 2026, arraigned two brothers, Cypril Nwalaezi and Smart Chinedu Nwalaezi, before Justice S. D. Pam of the Federal High Court, Port Harcourt, for property fraud.
The duo was arraigned on an amended five-count charge, bordering on conspiracy and obtaining money under false pretence to the tune of N3,200,000.00 (Three Million, Two Hundred Thousand Naira).
Counts two reads: “That you, Cypril Nwalaezi on or about the 17th October, 2022 at Port Harcourt, within the jurisdiction of this Honourable Court, with intent to defraud and by false pretence that you had valid and subsisting title to a parcel of land, situated at Umuasukpo Farm Road, in Igbo-Etche in Etche Local Government Area of Rivers State, measuring 1150.805 and 1295.771 square meters induced Mr. Franklin Nwachukwu to purchase the same and obtained the sum of Two Million, Seven Hundred and Fifty Thousand Naira (N2,750,000.00) from Mr. Franklin Nwachukwu and thereby committed an offence contrary to Section 1(1)(b)&(c) of the Advance Fee Fraud and Other Fraud Related Offenses Act, 2006 and punishable under Section 1(3) of the same Act.”
Another counts charge reads: “That you, Smart Chinedu Nwalaezi on or about the 3rd day of November, 2022 at Port Harcourt, within the jurisdiction of this Honourable Court, with intent to defraud and by false pretence that you had valid and subsisting title to a parcel of land, situated at Umuasukpo Farm Road, lgbo-Etche in Etche Local Government Area of Rivers State, measuring an area of 467.912 square meters, induced Mr. Franklin Nwachukwu to purchase the same and obtained the sum of Four Hundred and Fifty Thousand Naira (N450,000.00) from Mr. Franklin Nwachukwu and thereby committed an offence contrary to Section 1(1)(b) & (c )of the Advance Fee Fraud and Other Fraud Related Offenses Act, 2006 and punishable under Section 1(3) of the same Act.”
They both pleaded “not guilty,” following which prosecution counsel, C. Okorie, asked the court for a trial date and for the court to remand them in the custody of the Nigeria Correctional Service, Port Harcourt, Rivers State, while counsel to the first defendant, R. O. Agbabo informed the court of her subsisting bail application for her client and prayed the court to grant him bail to enable him prepare for his trial.
Similarly, counsel to the second defendant, M. M. Nweke, informed the court of his bail application for his client and pleaded with the court to grant him bail on liberal terms to enable him to prepare for his trial.
Justice Pam granted bail to Cypril Nwalaezi, the first defendant in the sum of N500,000.00 (Five Hundred Thousand Naira) and a surety in like sum, who must have a landed property and must reside in Port Harcourt, while he granted bail to the second defendant, Smart Chinedu Nwalaezi in the sum of N50,000.00 (Fifty Thousand Naira) and a surety in like sum and ordered that defendants be remanded in Port Harcourt Correctional Centre, pending the fulfilment of their bail conditions. He adjourned the matter to September 17, 2026, for the commencement of trial.
The defendants’ road to the dock began sometime in June, 2024, when their victim, Nwachukwu, petitioned the Commission, alleging a case of fraud, having discovered in December 2023 that the same properties he bought had been resold by the defendants to other buyers.
Investigation revealed that the defendants conspired and resold both properties for N3, 200, 000 (Three Million Two Hundred Thousand Naira) to other buyers.
