Wednesday, May 7, 2014

Man Uses C-of-O As Collateral After Selling House



The Economic and Financial Crimes Commission has arraigned one Enekwechi Onyimba before Enugu State High Court for allegedly selling a property to one Enyinnaya Igwe and also using the Certificate of Occupancy of the house to secure a loan.

The house was said to be worth N30m.


Onyiba was brought before the Chief Judge of Enugu State High Court, Justice I. A. Uwazulike, on two counts of criminal diversion of funds and obtaining money by false pretences.

The EFCC, in a statement by its spokesman, Mr. Wilson Uwujaren, said Onyimba sold a property located at plot 622, Trans-Ekulu, New GRA, Enugu, Igwe, but “fraudulently withheld the C of O” and used it as collateral to secure a loan for his company, Ojaz Nigeria Limited.

“The complainant alleged that he bought the said property from the accused via an irrevocable power of attorney dated December 12, 2000 and registered as no 77/77 in volume 1473 at the Land Registry in Enugu, in August, 2005,” the statement read.

The charges read in part, “That you, Enekwechi Onyimba, on or about August 29, 2006 in Enugu, Enugu State, within the jurisdiction of the Enugu State High Court of Nigeria, with intent to defraud, induced Diamond Bank Plc to grant a loan of N3.4m to your company – Ojaz Nigeria Limited – when you falsely represented to Diamond Bank Plc that you were the beneficial owner of Plot 622 Trans-Ekulu, New GRA, Enugu, which you offered as collateral for the said loan, which pretence you knew to be false and thereby committed an offence.”

When the charges were read in court, the accused person pleaded not guilty.

The court granted the accused person bail in the sum of N1m with one surety in like sum.

The case was adjourned till June 24 and 30, 2014.

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