Businessman Re-Arraigned For Tampering With Forfeited Property

The Economic and Financial Crimes Commission (EFCC) has re-arraigned businessman, Ifeanyi Bosah-Reginald alongside his companies, Magnificat Homes & Leisure Limited and Fifth Neighborhood Management Limited in Lagos.

The defendants face an amended two-count charge of tampering with forfeited property and fraud.

They were re-arraigned before the Special Offences Court in Ikeja, Lagos.

It would be recalled that the EFCC initially arraigned Bosah-Reginald on April 22, 2024.

He was alleged that he tampered with property that had been forfeited to the Nigerian government.

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The re-arraignment took place on Friday, October 18, 2024, before Justice R. A. Oshodi.

Bosah-Reginald and his companies dealt with a parcel of land measuring 10.687 hectares located in Lekki, Lagos, without authorization.

The land, belonging to Jokotade Estate Resources Ltd and Folashade Ogundare, had already been forfeited to the Federal Government.

The prosecution further alleged that between September and November 2023, Bosah-Reginald fraudulently obtained N170 million from Frederick E. Okpaje, Managing Director of PWAN-Haven Investment and Realtors Limited, by falsely claiming ownership of the land.

The charges read: “Ifeanyi Bosah Reginald, Magnificat Homes and Leisure 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 Folashade Ogundare, being a parcel of land measuring about 10.687 hectares situated at Sangotedo, Lekki, Lagos State, which was forfeited to the Federal Government of Nigeria.

“Ifeanyi Bosah Reginald, Magnificat Homes and Leisure Limited, sometime between September and November 2023, in Lagos within the jurisdiction of this Honourable Court, with intent to defraud, did obtain the sum of N170,000,000 from Mr. Frederick E. Okpaje, Managing Director of PWAN-Haven Investment and Realtors Limited, as the purchase price of property known as Oyetubo-Joko Tade Estate Resources, under the false pretence that you are the owner of the said property.”

Bosah-Reginald pleaded not guilty to both charges.

Prosecution counsel, Babatunde Sonoiki, moved to continue with the trial and present his second witness.

However, defence counsel, Victor Okpara, SAN, informed the court about an ongoing appeal regarding the bail earlier granted to his client.

Okpara requested a short adjournment, which the prosecution opposed.

The defence also requested to recall the first witness for further cross-examination.

However, Justice Oshodi denied the request for adjournment.

He allowed the recall of the first witness, with the condition that the process be conducted virtually.

The judge then permitted the prosecution to call their second witness, Frederick Efedghene Okpaje, who provided testimony regarding his real estate dealings with the defendant.

Okpaje narrated how he entered into a contract with Bosah-Reginald for the purchase of 20 plots of land at N25 million per plot, totaling N500 million.

He made an initial payment of N30 million and proceeded to market the land.

However, he later discovered that the land was already being developed, raising questions about its ownership.

Okpaje testified that despite assurances from Bosah-Reginald, he has not been able to recover his money.

The court has adjourned the case to January 27, 2025, for further cross-examination.