EFCC Arraigns Man, Firm Over Alleged $1.5m Oil Investment Fraud in Lagos Court

The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Ufoma Joseph, before a Special Offences Court sitting in Ikeja, Lagos, over an alleged $1.5 million oil investment fraud. 

Joseph was docked alongside his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on obtaining money under false pretence and alleged forgery. The defendants, however, pleaded not guilty when the charges were read before the court.

Prosecuting counsel, Babatunde Sonoiki, told the court that the anti-graft agency was ready to proceed with the matter and requested that a trial date be fixed. He also urged the court to remand the defendant in the custody of the INTERPOL pending the conclusion of ongoing investigations.

According to the prosecutor, the defendant was produced in court strictly for arraignment and would be moved to an appropriate correctional facility after the international police body concludes its inquiry.

Sonoiki further informed the court of an incident that allegedly occurred during the last adjourned date, claiming that defence counsel, Oluseun Awonuga (SAN), assaulted one of the prosecution lawyers, Emenike Mgbemele, on the staircase while an attempt was being made to serve the defendant with court documents.

He alleged that the incident was captured on video and that the prosecution may present the recording as evidence during proceedings. The defence counsel did not react to the allegation in open court.

Awonuga later told the court that he had filed a preliminary objection challenging the proceedings, supported by a written address, and asked the court to discountenance the prosecution’s counter-affidavit.

He argued that an earlier order of the Federal High Court restrained the EFCC from arresting his client, insisting that the anti-graft agency acted in breach of that order by taking the defendant into custody.

Responding, the prosecutor maintained that the ruling cited by the defence was part of a motion that had already been withdrawn and therefore could not be relied upon in the present proceedings.

In a counter-affidavit filed before the court, the prosecution urged the judge to dismiss the preliminary objection, arguing that the order referenced by the defence arose from a civil matter and does not prevent the continuation of criminal proceedings.

Sonoiki also told the court that existing judicial authorities, including decisions of the Supreme Court, allow civil and criminal matters relating to the same subject to run at the same time.

After listening to both parties, Justice Mojisola Dada adjourned the case until May 7 for ruling on the preliminary objection filed by the defence.

The court also ordered that the defendant be remanded in the custody of INTERPOL pending the conclusion of investigations, after which he is to be transferred to a correctional facility while his bail application is being considered.

According to the charge sheet, the EFCC alleged that the defendants obtained the sum of $1.5 million from a complainant, Adebisi Adebutu, said to be associated with R28 Holdings Limited, between April 2022 and October 2023.

The prosecution claimed the money was paid as an investment in a proposed petroleum development project, with assurances that the investor would be reimbursed, paid development capital fees, and allotted shares in Intermediate Investment Holdings Limited.

The commission also accused Joseph of allegedly forging a document described as a “Term Sheet,” said to have been executed by two individuals, Sherrif Oluwo and Olaniran Osotuyi, in order to facilitate the transaction.

The alleged offences are said to contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as relevant sections of the Criminal Law of Lagos State, 2015.

The matter is expected to continue after the court delivers its ruling on the pending objection.