REAL ESTATE BROUHAHA! KELECHUKWU MBAGWU SACKED AS PEARL NUGA PARK ESTATE DRAGS CMB TO EFCC OVER ALLEGED FRAUD

The business battle between Mr. Kelechukwu Mbagwu of CMB, Pearl Nuga Park Estate and Pearl Garden Estate has gone messier over the alleged fraudulent activities perpetrated by the real estate manager in person of Mr. Kelechukwu Mbagwu. 

According to the report by www.thebbbuzz.com, we gathered that home-owners of Pearl Nuga Park Estate and Pearl Garden Estate located at Sangotedo Village in Eti-Osa Local Government Area of Lagos State have dragged the allegedly notorious CMB Building Maintenance and Investment Company Limited to the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent mortgage of some of their homes to secure an unapproved bank loans by the Estate owners.

The separate petitions dated May 28, 2019 and addressed to the EFCC Chairman, Mr. Ibrahim Magu were signed by Mr. Patrick Olowokere, the President of Pearl Nuga Estate and Reverend Adesola Adebawo, President of Pearl Garden Estate respectively.

They alleged that the real estate firm and its Managing Director, Mr. Kelechukwu Mbagwu, had engaged in criminal breach of trust, unlawful enrichment and conversion of their properties. 

According to the petitioners, CMB obtained a mortgage from Wema Bank Plc using the affected homes at Pearl Nuga Estate as collateral without the knowledge or consent of the affected homeowners of the properties.

"The affected homeowners, namely; Bridget Eko, Osagie Aimiehnoho Jude, Mr Akinola Alabi and Mrs. Oluwadara Alabi, Nosakhare Igbinobi and Amos Gaga paid CMB for those houses to be built and had taken possession of their houses from CMB at different times. 

"CMB and Mr. Mbagwu fraudulently withheld the title deeds of the houses from the affected homeowners as it withheld those of several other homeowners within the estate," the petitioners alleged. 

They said the bank had begun a recovery of the six houses within the estate following the failure of CMC, the property developer to repay the loan. 

Similarly, Pearl Garden Estate also accused CMB of using the homes of four of their members –Mr. and Mrs. Michael Bassey, Mr. Oyeleke Jegede, Mr. Larry Amaraibi and one Mr. Felix, who had already paid in full to fraudulently obtain a N10 million loan from Diamond Bank (now Access Bank).

The petitioners said: "We have no other choice but to believe that other houses of our members and homeowners within the estates may be the subject of similar fraudulent mortgages.

Latest development reaching us has it that the homeowners of Pearl Nuga Park Estate and Pearl Garden Estate sited at Sangotedo Village in Eti-Osa Local Government Area of Lagos State have officially sacked the Mr. Kelechukwu Mbagwu led CMB Building Maintenance and Investment Company Limited as the maintenance company for the estate. The sack takes immediate effect and no personnel from the CMB are expected to be seen in the estate on official duty of any capacity.