*Seek intervention of anti-graft agencies
CMB building Maintenance and Investment Company is currently embroiled in controversy and allegation of corruption, unlawful breach of trust, enrichment and conversion.
The Chief Executive Officer of CMB, Mr Kelechukwu Mbagwu, it was learnt, is currently the President of the Nigeria Rugby Football Federation (NRFF) and a Vice-President of Kings College Old Boys Association.
According to reports and information publicly available and published by Guardian newspapers on Monday 3rd June, 2019, Page 58, he was alleged to have fraudulently obtained bank loans by mortgaging the properties of homeowners in the prestigious Pearl Garden Estate Residential community without their knowledge.
In a petition before the Economic and Financial Crimes Commission (EFCC), CMB obtained a loan from the Diamond Bank by using the houses of four of the residents as collateral for the loans without their knowledge.
According to information available on social media, several frauds running into billions of Naira have been perpetrated against innocent real estate prospectors. The scheme ranges from the Pearl Royale I & II, Pearl Garden Estate, Pearl Nuga Park, Pearl Nuga Park Extension, Pearl Garden Extension. Several customers who purchased land in the fictitious Pearl Royale Scheme over a decade ago are yet to be shown the location of the scheme, let alone receive an allocation of their land.
Upon further investigation, it was revealed that several homeowners in the Pearl Garden Estate scheme had paid CMB money over several years while the houses are yet to be delivered. Similarly, plots of land that were purchased several years ago were currently being fraudulently resold to unsuspecting clients.
According to sources, CMB allegedly owes Diamond Bank (now Access Bank) several hundred millions of Naira which may have been secured using the properties of CMB’s customers without their knowledge. Many of the affected homeowners are at the risk of losing their houses and investments due this illegal process.
Information gathered reveal that CMB has not denied any of the petitions before the EFCC as alleged. When Mbagwu was contacted to respond by confirming or denying the allegations, he said he was in a meeting with a promise to call back, which he never did. When called again, he refused to pick his calls and refused to respond to short messages (SMS) sent to him by our reporter.
CMB it was also learnt owes several other banking institutions within and outside Nigeria including Wema Bank and Shelter Afrique.
The CMB chief, it was gathered, is well-connected and can easily have his way easily through issues. For having his office located on the highbrow Ruxton Road, Ikoyi, and having some important personalities on the board of his company confirms this, our source added.
