Mbagwu was arraigned alongside his company, CMB Building Maintenance and Investment Limited, on three counts bordering on obtaining money under false pretences to the tune of N25m by the Economic and Financial Crimes Commission.
The EFCC prosecutor, Abdullahi Mohammed, told the court that the defendant and his company committed the offences between February 12 and September 14, 2018, in Lagos.
According to the EFCC, Mbagwu and his company obtained the sum of N25m from one Okafor Sixtus under the pretext that the two residential plots of land in Pearl Garden Estate, Sangotedo, Lagos, given to Sixtus, were genuine.
The EFCC told the court that the offences were contrary to Section 1{3) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.
Mbagwu and his company pleaded not guilty to the charges.
Following their pleas, the prosecutor urged the court to remand Mbagwu in the custody of the EFCC on the grounds that he was still having 13 different cases to the tune of N2.3bn.
Counsel for the defendant, R.A Aladesonmi, informed the court of his intention to file a motion for bail.
Justice Sherifat Solebo ordered that Mbagwu be remanded in the custody of the EFCC pending any bail application.
Justice Solebo adjourned the case till February 2, 2021, for trial.
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