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Lagos homeowners drag Estate Management before EFCC over fraud
By Modupe ASUDO
LAGOS- HOMEOWNERS and the Estate Association of Pearl Nuga Park Estate in Sangotedo on the outskirts of Lekki Peninsula in Lagos have dragged their realtor and management firm before the Economic and Financial Crimes Commission over an alleged case of fraud said to have been perpetrated by the CEO of the Estate management firm, CMB.
The business battle between Mr. Kelechukwu Mbagwu, CEO of CMB, Pearl Nuga Park Estate and Pearl Garden Estate has gone messier over the alleged fraudulent activities perpetrated by the real estate manager against residents of these two residential estates.
This E-newspaper 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 CMB, the property developer to repay the loan even after it was fully paid by the homeowners.
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.
Effort by this news medium to reach out to some members of the board of CMB for their views on the controversy, including Olorogun Sonny Kuku of Eko Hospitals as at the time of filing this report proved abortive, while calls also made to the phone lines of the embattled CEO of the company Mr. Kelechukwu Mbagwu couldn’t get through as the line was switched off.
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Ex-IGP Usman Alkali Baba Joins Yobe Governorship Race, Vows to End Insurgency
Former Inspector General of Police, Usman Alkali Baba, has formally declared his intention to contest the 2027 governorship election in Yobe State, promising to tackle insecurity and rebuild the state’s economy.
In a statement released Tuesday following a consultation meeting in the state, the retired police chief said his ambition is driven by a desire to restore peace, strengthen institutions, and accelerate development across all sectors.
Alkali pledged to “wipe out insurgency” and revive economic activities disrupted by years of insecurity, noting that his administration would prioritise intelligence-driven security and community partnerships.
“My vision for Yobe State is clear. I want a state where security is strengthened through intelligence and community partnership. I want a state where farmers can return to their farms with confidence, traders can move freely, and children can go to school without fear,” he said.
The former police boss emphasised his experience in national security management, stating that his years in public service have equipped him with the discipline and strategic thinking needed to govern effectively.
According to him, Yobe State requires leadership that understands security, institutional coordination, and human development, adding that insecurity has significantly hindered growth and deepened poverty in the region.
He also outlined plans to boost agriculture, expand infrastructure, and invest in education and youth empowerment. Alkali promised to provide microcredit support for women and equip young people with technical skills and startup kits to drive commerce and industry.
On healthcare, he pledged to combat child-killer diseases, including polio, and introduce free maternal healthcare services, as well as free medical care for children aged zero to five.
“Mothers will not die during childbirth, and children will live and thrive. They will go to school and graduate in a safe and secure environment,” he assured.
Alkali further stated that his administration would focus on inclusive governance, ensuring development reaches all local government areas without discrimination.
While expressing readiness to build on the achievements of the current administration, he maintained that governance must go beyond rhetoric and propaganda, stressing that it requires “vision, action, and the courage to make tough decisions.”
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Bayern Won’t Sell Olise Even for €200m — Rummenigge Drops Bombshell
Bayern Munich have made a strong statement over the future of winger Michael Olise, with Vice-President Karl-Heinz Rummenigge insisting the club would reject even a €200 million offer for the player.
The comments, reported by transfer expert Fabrizio Romano on Monday, highlight Bayern’s long-standing policy of prioritising sporting stability over financial gain.
SEE ALSO: BREAKING: Chelsea Hit With £10.75m Fine, Transfer Ban
Rummenigge explained that the club’s position is rooted in a historic decision made in 2009, when Bayern received a massive bid from Chelsea for Franck Ribéry.
After internal discussions involving then CFO Karl Hopfner and former president Uli Hoeneß, the club chose to reject the offer — a decision that shaped its modern transfer philosophy.
According to him, that principle remains unchanged today.
He stressed that Bayern do not consider selling players who are essential to the team, adding that even a record-breaking €200 million bid would not change their stance on Olise.
The statement is expected to fuel further transfer speculation across Europe, but Bayern officials maintain that Olise is a key part of their long-term sporting project and not for sale.
Bayern Munich continue to uphold their “untouchable players” policy, while Michael Olise remains central to their squad plans.
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AFCON 2025 Drama: Morocco Defends CAF Ruling Amid Growing Controversy
The Fédération Royale Marocaine de Football (FRMF) has defended its position following the controversial ruling by the Confederation of African Football Appeal Board over the disputed 2025 Africa Cup of Nations final.
In a statement issued on Wednesday, the Moroccan football authority said its appeal was strictly aimed at ensuring the proper application of competition rules, and not to question the sporting merit or performance of any team involved in the final.
The federation emphasized its commitment to fairness, transparency, and the stability of African football competitions, noting that its actions were guided by respect for established regulations.
ALSO READ: JUST IN: Senegal Stuns Hosts Morocco To Lift AFCON 2025 Trophy
“The Federation reiterates that its approach has always been grounded in respect for the rules and stability of African competitions,” the statement read.
FRMF also praised all participating nations in the tournament, describing the 2025 AFCON as a significant milestone in the growth and development of football across the continent.
However, the body revealed that a more detailed position would be made public after a scheduled meeting of its governing organs.
The statement is expected to further clarify Morocco’s stance and outline any possible legal or administrative steps moving forward.
The CAF Appeal Board’s decision has continued to generate widespread reactions among football stakeholders, with growing calls for clearer regulations, improved transparency, and consistency in the administration of African football.






