FCMB and Three Others Arraigned in Lagos Court Over Alleged Mortgage Fraud

A Lagos High Court in Ikeja on Tuesday arraigned First City Monument Bank (FCMB) alongside three other defendants over an alleged mortgage fraud. The defendants include Polycarp Okogun, Batik Line International Limited, and Bolaji Adebajo, who remains at large.

The case, brought by the Police Special Fraud Unit, involves four charges related to conspiracy to commit a felony, forgery, and fraudulent conversion. The alleged offenses occurred between 2008 and 2009 in Lagos.

Okogun, the first defendant, pleaded not guilty on his behalf and for FCMB and Batik Line International Limited. Following his plea, the prosecution, represented by counsel Daniel Apochi, requested that the court remand the defendants in a correctional facility.

Defense counsel M.O. Abdul informed the court that a bail application had already been filed for the defendants. He stated that the application was dated March 10 and had been served on the prosecution.

Justice Ismail Ijelu ruled that Okogun be remanded in a correctional center pending the hearing of his bail application. The court then adjourned the case to March 26 for the bail hearing and the commencement of trial.

The prosecution alleged that the defendants conspired to forge the signature of Grace Akinwusi, the complainant, on multiple legal documents. These documents allegedly included an authority to create a legal mortgage, a deed of assignment, an irrevocable power of attorney, and a memorandum of understanding.

The prosecution further claimed that the forged documents were used to fraudulently transfer ownership of Akinwusi’s property, located at No. 5B, Sasegbon Street, GRA, Ikeja, Lagos, to the defendants for their personal use.

According to the police, these actions violate Sections 287, 363, 365, and 411 of the Lagos State Criminal Laws of 2015. The case will proceed in court later this month as the trial begins.