A Federal High Court sitting in Umuahia has on Tuesday remanded an Aba-based legal practitioner, Mr. Peter Asagwara, 47, at the Afara Correctional Centre Umuahia Abia State, pending the determination of his bail application in connection with an alleged N84 million property fraud.
At the commencement of proceedings, the prosecuting counsel, Chibuike Ebete, applied for the three-count charge, dated and filed on March 27, 2026, to be read to the defendant. Asagwaram pleaded not guilty to all counts after the charges were read.
Ebete informed the court that the prosecution was ready to commence trial and urged the court to proceed with the matter. He further applied for the defendant to be remanded in custody pending the hearing and determination of the case.
Counsel to the defendant, Igwe Ogwo, however, sought an adjournment and informed the court that a bail application had been filed on April 1, 2026.
The prosecution disclosed that it had filed a counter-affidavit opposing the application and urged the court to refuse bail.
After hearing both parties, the court reserved ruling on the bail application and ordered that the defendant be remanded at the Afara Correctional Centre pending its decision. The matter was adjourned to September 30, 2026, for further proceedings.
The case stems from allegations earlier brought before Magistrate Court 2, Umuahia, where Asagwara was arraigned on charges bordering on obtaining money under false pretence and other related offences arising from a disputed property transaction.
According to the complainant, Aba-based businessman, Mr. Akusiobi Chibuike, he entrusted the defendant with N84 million to facilitate the acquisition of a property located along the Enugu–Port Harcourt Expressway near Ariaria International Market, Aba.
The complainant alleged that when he requested proof of the transaction, the defendant presented a document purported to be a Power of Attorney, which was later discovered to be forged. He further alleged that subsequent investigations revealed that only N15 million of the sum was remitted to the property’s owner, who later refunded the amount after the transaction reportedly collapsed due to non-payment of the outstanding balance.
Akusiobi further alleged that efforts to recover the funds proved unsuccessful and that the defendant subsequently left his known base of operation in Aba.
It was gathered that operatives of the Nigeria Police Force attached to Zone 9 Headquarters, Umuahia, later tracked and arrested the defendant along Omuma Road in Aba.
When approached by journalists for comments on the allegations, Asagwaram declined to comment, saying only, “No comment.”
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