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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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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.
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Inside Tinubu’s Closed-Door Meeting With Opposition Leaders – SDP, IPAC Reveal Details
The Social Democratic Party (SDP) and the Inter-Party Advisory Council (IPAC) have disclosed details of their recent closed-door meeting with President Bola Tinubu, explaining that the engagement focused on strengthening Nigeria’s democratic process ahead of the 2027 general elections.
The clarification came amid speculation surrounding the meeting, which took place at the Presidential Villa in Abuja after leaders of several opposition parties attended an Iftar dinner hosted by the president earlier in the week.
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Speaking during a gathering hosted in Abuja by the SDP’s former presidential candidate, Adewole Adebayo on Friday, the party’s National Chairman, Prof. Sadiq Gombe, said the meeting with Tinubu followed an official invitation from the Presidency and lasted about an hour.
According to Gombe, the discussion centred on the need to strengthen Nigeria’s electoral laws and restore public confidence in the country’s electoral process ahead of the 2027 polls.
He explained that the meeting provided an opportunity for party leaders to remind the president of the importance of conducting transparent, free, and credible elections.
Gombe noted that democracy can only thrive when governments listen to the concerns of citizens and ensure electoral processes that guarantee fairness and accountability.
The SDP chairman also expressed concern over growing voter apathy, pointing to the low turnout recorded in the recent Area Council election in the Federal Capital Territory.
He said the Abuja Municipal Area Council election witnessed only about seven per cent voter turnout, which he described as a clear sign that many Nigerians are losing confidence in the electoral system.
Gombe urged the government and members of the National Assembly to take urgent steps to review electoral laws and rebuild public trust in Nigeria’s democracy.
Also speaking, the National Chairman of IPAC, Dr. Yusuf Dantalle, said political parties used the meeting to raise concerns about aspects of proposed electoral reforms, particularly issues related to indirect primaries and the mandatory electronic transmission of results.
Dantalle explained that the parties appealed to the president to use his influence to encourage legislative review where necessary, noting that reforms should strengthen, rather than complicate, the democratic process.
He expressed optimism that Tinubu would consider the concerns raised and support necessary amendments that would improve the electoral system.
The IPAC chairman also called on the Independent National Electoral Commission (INEC) to strictly adhere to electoral guidelines as preparations for the next election cycle begin.
Earlier in his remarks, Adebayo cautioned political actors against turning the 2027 general elections into a do-or-die contest, stressing that the primary goal of democracy should be the progress and stability of Nigeria rather than personal political victories.
He urged leaders across political parties to encourage citizens to actively participate in the democratic process and ensure that elections are conducted peacefully and transparently.






