The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Ufoma Joseph, before a Lagos Special Offences Court, Ikeja over an alleged $1.5 million oil investment fraud.
Joseph was arraigned alongside his company, Intermediate Investment Holdings Limited on a two-count charge before Justice Mojisola Dada.
The anti-graft said his offences bordering on obtaining by false pretence and forgery.
In the charge, EFCC alleged that the defendants obtained the sum of $1.5 million from the complainant, Adebisi Adebutu of R28 Holdings Limted, between April 2022 and October 2023 under false pretences.
The EFCC alleged that 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 anti-graft agency further accused the first defendant of forging a document titled “Term Sheet,” purportedly executed by Sherrif Oluwo and Olaniran Osotuyi, to facilitate the transaction.
According to the prosecution, the alleged offences contravene Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as Section 363 of the Criminal Laws of Lagos State, 2015.
The defendants, however, pleaded not guilty to the charge.
EFCC counsel, Mr Babatunde Sonoiki, thereafter asked the court for a trial date and urged the court to remand the defendant with the Interpol office pending the conclusion of ongoing investigations.
According to him, the defendants appeared in court for the purpose of arraignment and once the investigation with Interpol is concluded, the defendant would be remanded at the appropriate correctional centre.
Sonoiki also brought to the notice of the court an incident that allegedly occurred on March 2,2026, the last adjourned date, that 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 while he was 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 said.
The defence counsel, Awonuga (SAN) , did not respond to the allegation made against him by the prosecution.
He however informed the court that he had filed a notice of preliminary objection and written address dated January 5,2026 urging the court to discountenance the counter-affidavit filed by the prosecution.
According to him, a ruling delivered by a Federal High Court had directed that the EFCC should not arrest the defendant.
“The EFCC has flouted the order by arresting the defendant and I hereby urge your lordship to discountenance their counter-affidavit.”
In his response, Sonoiki argued that the ruling being relied upon by the defence formed part of a motion that had earlier been withdrawn and should not be before the court.
The prosecutor, in a 21-paragraph counter-affidavit dated February 9,2026 urged the court to dismiss the notice of preliminary objection.
He said no where in the ruling cited by the defence was it stated that the defendants could not be arraigned before a court of competent jurisdiction.
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