EFCC Arraigns Suspects in Port Harcourt, Lagos Over N3.2m Land Scam, N1.07bn Oil Fraud  

By Joseph Sunday  

The Economic and Financial Crimes Commission, EFCC, on Thursday, July 2, 2026, arraigned suspects in separate fraud cases in Port Harcourt and Lagos involving sums totaling over N1.07 billion.  

The details were contained in press releases issued on Friday, July 3, 2026, by the EFCC’s Head of Media and Publicity, Mr. Dele Oyewale.  

In Port Harcourt, the EFCC’s Zonal Directorate arraigned two brothers, Cypril Nwalaezi and Smart Chinedu Nwalaezi, before Justice S. D. Pam of the Federal High Court. They face a five-count charge of conspiracy and obtaining money by false pretence.  

The brothers allegedly defrauded Franklin Nwachukwu of N3.2 million by selling him parcels of land in Igbo-Etche, Rivers State, to which they had no valid title.  

According to court documents, Cypril collected N2.75 million on October 17, 2022, for plots measuring 1,150.805 and 1,295.771 square meters, while Smart obtained N450,000 on November 3, 2022, for a 467.912 square meter plot. All the properties are located along Umuasukpo Farm Road.  

Both defendants pleaded not guilty.  

Justice Pam granted Cypril bail in the sum of N500,000 with one surety who must own landed property in Port Harcourt. Smart was granted bail at N50,000 with one surety in like sum. The brothers were remanded at the Port Harcourt Correctional Centre pending fulfilment of their bail conditions. The case was adjourned to September 17, 2026.  

Nwachukwu petitioned the EFCC in June 2024 after discovering in December 2023 that the lands had been resold to other buyers. EFCC investigations allege the brothers conspired to resell the properties for N3.2 million.  

Also on July 2, the EFCC’s Zonal Directorate 1, Ikoyi, re-arraigned Ajayi Edward Olushola and his company, Hola Jay Nigeria Limited, alongside Hannah Nwaguzor Ify and Mozann Global Merchant Limited, before Justice Fadipe of the Lagos State High Court, Ikeja.  

The four defendants face an amended four-count charge of obtaining money by false pretence and stealing, amounting to N1.07 billion.  

The EFCC alleged that the defendants obtained N986 million from Prince Chukwulota Bennett Onuoha on or about May 15, 2024, after falsely claiming they could supply one million litres of Automotive Gas Oil, AGO. They are also accused of converting N84.779 million belonging to Irene Abidemi Ifanse in June 2025.  

Ajayi and his company had been previously arraigned, while Ify was at large until her recent arrest, prompting the amended charge. All defendants pleaded not guilty.  

Prosecution counsel H. U. Kofarnaisa requested that Ify be remanded, which Justice Fadipe granted. The trial was adjourned to July 7, 2026.