EFCC re-arraigns businessman for alleged tampering with forfeited property

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Friday, October 18, 2024, re-arraigned one Ifeanyi Bosah-Reginald, a businessman, on an amended two-count charge bordering on alleged tampering with forfeited property before Justice R. A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos.

Bosah-Reginald alongside his companies, Magnificat Homes & Leisure Limited and Fifth Neighborhood Management Limited, had initially been arraigned on April 22, 2024.

The arraignment was sequel to their alleged tampering with forfeited property, without authorization.

At Friday’s sitting, prosecution counsel, Babatunde Sonoiki, prayed the court for the charge to be read to the defendants in order for them to take their pleas and continue with the trial.

Counts One reads: “ Ifeanyi Bosah Reginald, Magnificant Homes and Leisures Limited and 5th Neighborhood Management Limited, sometime in November 2023 in Lagos,  within the jurisdiction of this Honourable Court, without authorization, dealt with property of Jokotade Estate Resources Ltd and Mrs Folashade Ogundare, being a parcel of land measuring about 10.687 hectares situate at Sangotedo Lekki, Lagos State, which was forfeited to the Federal Government of Nigeria.”

Count two reads: “ Ifeanyi Bosah Reginald, Magnificant Homes and Leisures Limited sometime between September to November 2023, in Lagos within the jurisdiction of this Honourable Court, with intent to defraud, did obtain the total sum of N170,000,000 (One Hundred and Seventy Million Naira) from Mr. Frederick E. Okpaje, Managing Director of PWAN-HAVEN Investment and Realtors Limited, as the purchase price of property known and described as Oyetubo-Joko Tade Estate Resources under the pretence that you are the owner of the said property, which pretence you knew to be false.”

He, again, pleaded “not guilty” to the charge when it was read to him.

In view of his plea, Sonoiki urged the court to allow him to present his second witness.

However, defence counsel, Victor Okpara, SAN, informed the court of an appeal before the Appeal Court, following the court ruling on the bail earlier granted his client.

He, therefore, prayed for a short adjournment.

However, the prosecution counsel opposed the prayer of the defence counsel.

During the sitting, the defence counsel also prayed the court to recall the first witness for further cross-examination.

In a short ruling, Justice Oshodi refused the prayer of defence counsel for an adjournment, but granted his prayer for the recall of PW1.

The judge, however, held that it would be conducted virtually.

Thereafter, the judge granted the prayer of prosecution counsel to call his second witness, Frederick Efedghene Okpaje, Managing Director, Pwan-Haven Investement and Realtors Limited.

In his testimony, Okpaje identified the suspect in the dock and also narrated how he had met him.

Led in evidence by the prosecution counsel, Sonoiki, the PW2 said: “I am into real estate business and my address is at Lekki. I know the defendant. We have properties near each other.

As developers, we have been doing business together. In the course of my relationship with him, he told me that he had some properties to sell. I told him that I needed 12 plots as a result of a shortfall that I had, and he promised to give me. I later begged him later to give me 20 plots and he agreed. Each plot cost N25 million, totaling  N500 million. Then I asked him some questions regarding the C of O.  We both went to check the pieces of land and confirmed it”, he said.

Giving further testimony, he said:  “We did a contract of sale and the first deposit was N30 million, which I paid. I went to the land and put my signpost to market it. That was when I noticed there was a foundation in the other part. Then, I started asking questions about it.  He said because payment was delayed, the ‘Omoonile’ started developing the project but he told me he was going to sort it out and that I should not worry.  He said he was the owner of the land, but I have not recovered my money”, he said.

The judge adjourned the case till January 27, 2025 for cross-examination.