EFCC arraigns businessman for alleged N2.9bn fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned a businessman, Ufoma Joseph, for alleged N2.9 billion fraud  at the Lagos Special Offences Court, Ikeja.

The defendant was arraigned alongside his company, Intermediate Investment Holdings Ltd., on a two-count charge of obtaining by false pretence and forgery.

The EFCC counsel, Mr. Babatunde Sonoiki, told the court that the defendants allegedly obtained $1.5 million under false pretences from the complainant, Adebisi Adebutu of R28 Holdings Limited, ,between April 2022 and October 2023.

He said the money was paid as investment in a proposed petroleum development project, with assurances of reimbursement, payment of development capital fees, and allocation of shares in Intermediate Investment Holdings Limited.

The commission also accused Joseph of forging a document titled: “Term Sheet,” purportedly executed by Sheriff Oluwo and Olaniran Osotuyi, to facilitate the transaction.

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The prosecution alleged that the offences contravened Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 363 of the Criminal Laws of Lagos State, 2015.

The defendants, however, pleaded not guilty to the charge.

Sonoiki asked the court for a trial date and urged that Joseph be remanded with Interpol pending the conclusion of investigations.

According to him, the defendants appeared in court for arraignment and would be remanded to an appropriate correctional centre after Interpol concludes its investigation.

The prosecutor also brought to the court’s attention an incident that allegedly occurred on March 2, the last adjourned date.

He alleged that the defence counsel, Mr. Oluseun Awonuga (SAN), physically assaulted his colleague, Mr. Emenike Mgbemele.

“My lord, the learned silk physically assaulted my colleague at the staircase on his way to serve the defendant as directed by the court.

“It is very sad, a senior advocate for that matter.

“There is a video to that effect, and we intend to tender it before the court,” Sonoiki stated.

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