Police said Nwankwo who is the managing director, Advance International Merchant Limited allegedly sold the land to his business partner, Monday Chinke who was a share holder in the company for N83m.
The police at Zone 2 Onikan arrested Nwankwo after investigations into the ownership of the land proved that the land belonged to Lagos state.
According to PM News,
After he sold the land and prepared a deed of transfer, it was discovered that the land was earmarked for the construction of Aswani market by the state government.
The office of the Lagos State governor, in response to charting information dated 13 August 2014 and signed by Ayokunnu. S. Adesina, it stated the land falls within Aswani market acquisition, hence committed.
Consequently, Chinke wrote a petition to the Assistant Inspector General of Police, Mr Umar Manko who ordered his arrest for the fraud. In a petition dated, 24 October 2014 Chinke said he was a business partner of Nwankwo who unilaterally decided to give him his own share from the asset of the company.
He said Nwankwo contacted an evaluator and it was resolved that his own share was N83m. He said he requested for cash, but Nwankwo insisted that he would pay him his share with the land and claimed that the company had no cash to pay him.
He said when it became apparent that Nwankwo was not willing to pay him cash he considered the land proposition and collected a deed of transfer.
Following the unilateral decision of Nwankwo he was removed from the board of directors and an evaluation of the company’s asset was done to determine his stake which stood at N83m.
He said after the evaluation, Nwankwo refused to pay him in cash, instead, he directed his lawyer to prepare deed of transfer in favour of a four plots of land at Aswani market.
He assured him that the title of the land was genuine and they executed the deed of transfer as payment. He said in attempt to take possession, he was directed to chart the land at the office of survey General of Lagos state.
Chinke said he was shocked to discover that the land did not belong to Nwankwo or the company but that it was under the Lagos State compulsory acquisition and committed to Aswani market.
Nwankwo was later arrested and detained for the alleged fraud. He however said he was unaware that the land belonged to the State government.
The report said:
He said since he had paid Chinke with the land, he had to bear the loss because the transaction was a contractual agreement between them.
He said he bought the land from the royal family at Isolo was not prepared to pay Chinke any money except the land.Source: PM News
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